TTF gains ground amid forecasts for colder weather later this month
The TTF front-month contract for gas rose to €74.3/MWh ($848/'000 m3) on January 9, from €69.5/MWh on January 6, following a weekend of lower temperatures and the forecast for colder weather later this month. But it had slide back down to €69.9/MWh as of 13:00 GMT on January 10.
The contract had reached a pre-war low of €65/MWh, owing to unusually mild weather at the end of last year, high levels of storage, low industrial demand and ample LNG supply.
In the near term, warm weather is due to continue for most of the continent in the near, but colder weather is set to hit northwest Europe in 6-10 days. Meanwhile, Russian gas flow via Ukraine had been 16% lower over the past week compared with the previous level, according to Reuters.
Gazprom has said that its gas deliveries at the Sudzha point through Ukraine have averaged 35.5mn m3 daily for the past five years, versus 40mn m3 over the past few months.