TTF gas price once more on the rise amid French strikes
The TTF front-month gas price has seen growth over the past week amid continued strikes in France over pension reform that have disrupted operations at the country’s LNG import facilities. The May contract closed at €42.75/MWh ($493/’000 m3) on March 28, after rising over the week from a low of €39.2/MWh on March 20.
Elengy’s three regasification terminals in France, closed since March 6 as a result of industrial action which was extended yesterday until March 30. The country’s fourth, Dunkirk terminal reopened on March 15 but there was another one-day strike on March 28.
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Meanwhile, even though the official end of the heating season in Europe is only days away, much of the continent is set to see another cold spell next week which will drive up gas demand.
S&P Global reported that the drawn-out strikes had led to 17 LNG cargoes being diverted from France as of March 25, mostly to Spain and the UK. Others found their way to other terminals in Europe from Germany to Turkey.