Dutch TTF Hits 1-Year High

European gas inventories post fastest seasonal draw since 2016. European gas prices over Asia in response.

November 14, 2024 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

Front-month Dutch TTF neared a 12-month high on Thursday as participants respond to the EU’s fastest seasonal gas inventory draw since 2016.

  • Key Intel: EU gas in storage fell below its 5YR seasonally-adjusted median after starting injection season at the highest level on record. As noted last week, EU gas inventories began their early decline with the arrival of calm and cloudy weather that cut wind and solar output by as much as 99% for consecutive days. Rolling prompt-month Dutch TTF gained to €46.22/MWh Thursday, reaching its highest premium over JKM since early-Oct’s uncertainty-driven rally.

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