TTF Falls on Steady Supplies With Cold Weather Short Lived

European gas is again down on the day with a cold spell of weather not enough to raise winter supply concerns due to steady imports and high storage levels.

• TTF FEB 23 down -6.7% at 60.5€/MWh
• TTF SUM 23 down -3.1% at 64.58€/MWh
• TTF WIN 23 down -4.8% at 69.12€/MWh
• Cold weather in NW Europe appears relatively short lived with below normal temperatures expected this week before trending warmer again next week.
• The front month JKM-TTF spread remains up around 6$/mmbtu but LNG imports into Europe so far this month have still averaged approximately 400mcm/d. The US LNG netbacks for March are supportive of flows to Europe with spreads just favouring Europe over Asia.
• Withdrawals from European storage continue at a slower pace than normal with total stocks down to 81.7% on 14 Jan compared to the five year average of 63.1%.
• Norwegian imports are today nominated just slightly down from volumes seen last week at 333.7mcm/d with small outages at Oseberg, Gullfaks and Karsto.
• Russian gas supply through Ukraine is today at 35.4mcm/d.