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    TTF continues its rally

Summary

The rally is entering its seventh day.

by: Joseph Murphy

Posted in:

Complimentary, Natural Gas & LNG News, Europe, Top Stories, Market News, News By Country, EU, Russia

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.