TTF continues its rally
The December gas delivery contract at the Dutch TTF hub continued its rally in early trading on November 18, rising by a further 2.1% as of 07:10 GMT to €97 ($110)/MWh, following sustained growth during six previous trading sessions.
From €70.1/MWh on November 10, the contract had risen to €75.7/MWh by November 12 and climbed to €79.95/MWh on November 15. It then surged to €94.2/MWh on November 16, after German regulators announced it had halted the certification process for the Nord Stream 2, and would only resume it once the pipeline's Swiss-based operator had created a German subsidiary.
Another factor pushing the contract upwards has been a threat by Belarusian president Alexander Lukashenko to disrupt Russian gas transit to Europe via the Yamal-Europe pipeline, though analysts believe this threat is hollow. Storage levels are also down, as are European temperatures, while carbon prices have increased.