TTF up 9% on Jan 3
The February gas delivery contract at the Dutch TTF hub is up 9% as of 15:15 GMT at €76.65 ($86.60)/MWh on January 3, contrasting with a trend of decline in recent days.
TTF futures surged on December 21 on news of the reversal of the Yamal-Europe pipeline and the arrival of colder weather, with the February contract rising to nearly €180/MWh. By December 29 it had fallen back below the €100/MWh threshold, however, as milder weather swept the continent.
Warmer temperatures have even led to some gas being reinjected back into storage recently, although stocks are still at an unusually low level for the time of year. Data published by Gas Infrastructure Europe (GIE) shows that storage facilities in the EU and the UK were 56% full as of January 3, up 0.15 percent points versus the level on the previous day.
Near 11 am EST January 3, the February (near-month) contract for Henry Hub natural gas was trading at US$3.70/mn Btu, down slightly from the December 31, 2021 close of US$3.73/mn Btu.