• Natural Gas News

    Dutch TTF rebound continues into Nov 30

Summary

The contract has recovered from losses during the tail end of last week and is now trading higher.

by: Joseph Murphy

Posted in:

Complimentary, NGW News Alert, Natural Gas & LNG News, Europe, Market News, News By Country, EU

Dutch TTF rebound continues into Nov 30

 The January gas delivery contract at the Dutch TTF rose by a further 3.3% as of 11:52 GMT on November 30, having more than recovered from losses in the tail end of last week.

The contract slumped 6% on November 26 to €88.122/MWh, coinciding with news of the discovery of the Omicron COVID-19 strain and its spread to a number of African countries and elsewhere in the world. But the contract recovered to 93.445/MWh on November 29 and is now trading at €96.55/MWh.

There were hopes that Gazprom would ramp up gas supply to Europe this month after fulfilling its target for domestic storage volumes. But Russian deliveries remain constrained, and while Gazprom continues to fulfil its supply contracts, it has not been offering any extra gas on the spot market.

Meanwhile, European gas storage facilities are currently 70% full, or over 15% below the average for this time of the year, causing concerns of potential shortages if the coming winter proves to be a cold one.