TTF resumes its rally
The January gas delivery contract at the Dutch TTF hub resumed its rally on December 20, making back some of the loss it sustained in the previous day of trading.
The contract was trading at €141.70 ($160)/MWh as of 13:00 GMT, up 3.5% from the previous trading day. The latest surge comes as Gas Infrastructure Europe releases data showing that gas storage facilities in the EU and UK are now under 60% full, an unusually low level for the time of year.
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The contract peaked at €142.77/MWh on December 16 after German regulators ruled out an early launch for Nord Stream 2, after two weeks of steep upwards trajectory. Constraints with Russian gas supply in recent weeks, as well as accelerated storage withdrawals, escalating tensions between Moscow and Kyiv and an outage at Norway's Troll field have contributed to the bullish sentiment this month.
However, the January contract slid to €136.90/MWh on December 17, after Gazprom booked about 30% of capacity along the Yamal-Europe pipeline that runs through Belarus and Poland to Germany, according to auction data.