TTF back on growth track on Dec 7
The January gas delivery contract at the Dutch TTF hub was on the rise again in early trading on December 7, more than making back the ground it lost at the end of last week
The contract was up 7.6% as of 12:45 GMT at €96.75 ($109)/MWh, according to ICE data. The rebound follows a slump from €94.83/MWh on December 2 to €89.48/MWh on December 3. It increased slightly to €89.93/MWh on December 6.
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The rally comes amid growing concerns of shortage risks this winter. Gazprom, Europe's top gas supplier, exported a six-year record low volume of gas to the continent in November, despite past indications that it would ramp up deliveries. Thierry Bros, energy expert and professor at Sciences Po in Paris, estimates that Russian gas flows were up 15% in December 1-5 versus the November low, but they are still down 17% compared with the level in December last year.
Storage facilities in the EU and the UK are less than 66.5% full as of press time, down 0.3% from the previous day's level. Austrian storage facilities are only 44.6%, while in the Netherlands the level stands at 54.5%. France, Germany and Italy are faring better, with their storage facilities at 72.8%, 62.8% and 78.8% utilisation respectively.
The countries with the highest level of utilisation are Poland with 94% and the UK with 96.7%, although the latter's storage capacity is very small considering the size of its gas market. Ukraine's storage capacity, which is the third largest in the world after the US and Russia, is only 35.9% utilised.