Investment funds' outlook on Dutch TTF turned significantly less bullish in the last two months as money managers net length in TTF fell more than 72% from Feb 7 through Apr 25.
EU injection pace lags historical rates despite European gas storage ending the winter with below-average inventories (1313 Bcf vs 1394 Bcf 10YR avg) after higher-than-normal withdrawals.
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Europe prepares for summer injection season after the first winter without Russian pipeline gas through Ukraine and Slovakia sent aggregate gas storage in the bloc to its fourth-lowest level in nearly 15 years.
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Price action reflects the aftermath of hedge funds slashing long interest in Dutch TTF by more than 165 million contracts in the four weeks since TTF's mid-Feb rally
U.S. imports of goods and services jumped by $36 billion month-on-month in January for the largest monthly increase in history to the largest trade deficit in history
Money managers removed over 150 million contracts of long interest in Dutch TTF over the past three weeks as warm weather and new regulations ease imminent storage risks
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Crude flows through Iraq-Ceyhan pipeline to Turkey to resume after two years of disputes
A closer look at Ukraine's energy and other mineral resources as the US proposes a mineral revenue-sharing agreement in a potential US-brokered deal to end the Russia-Ukraine war.
TTF plummeted over 8% in the first half of Thursday's trading as EU members states met to debate terminating the bloc's gas storage targets after TTF extended its two-week rally over $17/MMBtu through Oct '25.
