NATURAL GAS: TTF Falls Back Towards Flat on Day in Reverse of Earlier Rally

TTF front month falls back from a peak of 30.45€/MWh as the market assess the risks of lower LNG supplies and the current curtailed pipeline imports from Norway against high storage levels and low demand amid bearish market positioning.

• Recent price swings in TTF have pushed 30 day historic volatility up from a low of 36.8% in mid May back up to over 100%.
• Asian demand and competition for global LNG supplies is likely to remain a key driver of LNG prices as warm weather in China and South Korea supports gas consumption. The short term impact of increased cooling demand may be limited by high inventories.
  • TTF JUL 23 up 0.8% at 26.54€/MWh
  • TTF WIN 23 up 1.3% at 41.33€/MWh
  • TTF SUM 24 up 0.9% at 41.8€/MWh
  • TTF WIN 24 up 0.8% at 45.75€/MWh