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    TTF front-month drops 8% on Jan 23

Summary

The main factors impacting prices during the day's trading were low wind power output, scheduled outages at fields on the Norwegian shelf and healthy inventories.

by: NGW

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TTF front-month drops 8% on Jan 23

The front-month TTF gas supply contract closed on January 23 at 8% below the price at the end of the previous session, at €61.5/MWh ($712/'000 m3).

The main factors impacting prices during the day's trading were low wind power output, scheduled outages at fields on the Norwegian shelf and healthy inventories. There are also forecasts of warmer temperatures across the continent next week.

High levels of gas in storage, subdued industrial demand and ample LNG supply caused the front-month TTF price to slump to a pre-war low of €55.4/MWh on January 16. This is despite Russian pipeline gas supply dropping to an all-time low.