TTF falls after steep rally
The January gas delivery contract at the Dutch TTF hub is down 4.55% as of 10.55 GMT on December 15 at €122.5 ($138)/MWh, after rising steeply over the last few trading sessions.
Escalating tensions between Ukraine and Russia, low levels of storage and concerns about supply stability have caused a significant rally in wholesale gas prices in Europe this month. The January contract at TTF started last week on December 6 at €89.93/MWh, but soared to €95.88 on December 7 and €101.5 on December 8, before dipping slightly to €100.45 on December 9. It then surged to €105.78 on December 10, €116 on December 13 and €128.3 on December 14.
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According to data published by Gas Infrastructure Europe, the EU and the UK's gas storage facilities are currently 61.9% full, down nearly 0.5% versus the level on December 14.
The situation in Europe contrasts greatly with market conditions in the US, where the front-month contract at the US Henry Hub has consistently remained below $4/mn Btu.