The TTF forward curve is showing a slightly more muted reaction than the front month to the bearish near term fundamentals as time spreads tick wider again at the end of the week.

• TTF is trading lower today with strong supplies, high storage levels and the return to above normal temperatures next week in NW Europe outweighing LNG supply risks and this weekend’s cold spell.
• Front month has swung between a low of 44.57€/MWh and high of 49.185€/MWh with no clear direction this week. The 30 day historic volatility has dipped slightly in early November back to around 96%.
• The TTF Q1 2024 premium over the Dec23 contract has widened again to -1.9€/MWh after closing earlier this week to -1.6€/MWh.
• The Q1 2024 -Q1 2025 spread is today at -2.2€/MWh while the Sum24-Win24 spread is around -3.6€/MWh.
  • TTF DEC 23 down -4.4% at 46€/MWh
  • TTF Q1 24 down -3.8% at 47.89€/MWh
  • TTF SUM 24 down -3.8% at 46.35€/MWh
  • TTF WIN 24 down -2.9% at 49.98€/MWh