TTF gas prices creep up further

The February gas delivery contract at the Dutch TTF hub was up a further 5.6% as of 16:15 GMT on January 6, trading at €96.67 ($109)/MWh, as the Yamal-Europe pipeline remains in reverse mode and forecasts indicate that colder weather is on the way.

Yamal-Europe, which normally pumps Siberian gas through Belarus and Poland to Germany, has been in reverse mode for over half a month. Gazprom has steeply reduced gas flow to Europe in recent months, although the reasons are unclear. Its supplies to the continent were down 19% year on year in December.

Data published by Gas Infrastructure Europe shows that EU and UK gas storage facilities were 56.1% full as of January 6, down 0.17% percentage points from the previous day. Milder weather last week even led to some gas being reinjected into storage.