GAS POSITIONING - Investment funds net long positioning in ICE TTF futures edged lower last week but is holding at relatively high levels. The European market remains wary of European winter risks from any unplanned supply disruptions ahead of the first cold spell of the winter season with Ukraine transit gas supplies currently due to halt at year end.

• TTF front month has pulled back from a high of €41.25/MWh yesterday amid a drop in oil prices while warm temperatures are forecast this week but cooling into next week.
• Investment Firm net position increased by 31.33m to -153.76m
• Investment Funds net position fell by 12.14m to +223.44m
• Commercial Undertaking net position fell by 19.39m to -69.50m

Source: Bloomberg