NATURAL GAS: TTF Regains Ground Back to Flat on the Day
Jul-11 10:29By: David Lee
TTF front month has regained earlier losses back near to flat on the day after falling nearly 10% yesterday driven by building storage inventories, low demand and slowly recovering Norwegian supply. Competition for LNG supplies from Asia remains muted amid subdued demand despite spreads favouring spot supplies to Asia.
- The JKM-TTF spread yesterday reached the highest since late January and holding up around 2.3$/mmbtu today. The US netbacks to Asia are holding a premium compared to the netbacks to Europe throughout the summer months. The profitability of US LNG exports to Europe for August was estimated at 6.30$/mmbtu and to Asia at 8.24$/mmbtu according to Bloomberg before the TTF open today.
- TTF AUG 23 down 0% at 30.22€/MWh
- NBP AUG 23 up 0.2% at 73.65p/th
- JKM Aug 23 down -0.2% at 12.07$/mmbtu
- JKM-TTF Aug 23 down -0.2$/mmbtu at 2.32$/mmbtu
- US Natgas AUG 23 up 0.3% at 2.68$/mmbtu
