NATURAL GAS: Warm December Weather Drives TTF to Lowest Since Sep 7
Dec-18 08:01By: David Lee
Front month TTF has fallen to the lowest since Sep 7 with warm weather forecast across Europe this month easing pressure on LNG supplies and storage withdrawals due to the muted demand.
- TTF JAN 24 down -1.3% at 32.76€/MWh
- TTF Q1 24 down -1.2% at 33.08€/MWh
- TTF SUM 24 down -1.7% at 33€/MWh
- TTF WIN 24 down -1.8% at 38.23€/MWh
- Above normal temperatures in NW and central Europe are expected to continue until the end of December.
- European natural gas storage was down to 88.84% full on Dec 16 according to GIE data compared to the seasonal five year average of 77.7% with warm weather driving smaller than normal withdrawals.
- European LNG sendout was at 407mcm/d on Dec 16 and almost in line with the average seen over the previous week but remains below levels around 480mcm/d this time last year.
- Pipeline supplies into Europe from Norway are today up to 354.3mcm/d and just below the high of the year of 359mcm/d seen in late November.
- Gas transit flows through Ukraine are at 41.3mcm/d today and Algeria gas flow to Italy at Mazara are at 56.6mcm/d.
- ICE TTF daily aggregate traded futures volumes were at 247k on Friday.
