TTF front month returns to positive on the day after reaching a low of 44.5€/MWh earlier today. Support comes from risks of cooler weather into the last week of November in the EU but with near term fundamentals still bearish amid high LNG and Norway supplies and near capacity storage.

• The threat of an increase in demand in Asia is also supportive with a mixed weather forecast for key consuming nations in the coming fortnight. November imports into Asia are forecast at 22.67m mt, up from 21.18m mt in October, and 21.41m mt in Nov. 2022 according to Kpler data.
• Strong LNG export volumes from the US and high floating LNG volumes are helping to limit any upside moves.
• Time spreads are relatively unchanged with the TTF Dec23 - Q1 2024 spread steady around -1.75€/MWh while the Q1 2024 -Q1 2025 spread is today at -2.35€/MWh.
  • TTF DEC 23 up 0.7% at 46.94€/MWh
  • TTF Q1 24 up 0.4% at 48.65€/MWh
  • TTF SUM 24 up 0.7% at 47€/MWh
  • TTF WIN 24 up 0.7% at 50.55€/MWh