TTF price falls on Oct 19

The November gas delivery contract at the Dutch TTF gas hub is down 2.9% since the previous day of trading on October 19, ICE data shows.

The contract is currently priced at €91.2 ($106)/MWh. It dropped to its lowest point of the day at around 06:30 GMT, and spiked at €96.25/MWh at 10:00.

The contract rose 10% after it was announced on October 18 that Gazprom had not booked additional transit capacity through Ukraine for November. But it declined again later during that day, averaging €94/MWh during the trading session versus €93.6/MWh on October 15.

Russian president Vladimir Putin has indicated that Russia might ramp up gas supply, already at a near record level, to help ease the energy crisis, although Gazprom is yet to follow through with action.

Analysts at VTB Capital (VTBC) noted that the Asian JKM gas price remained at a $5/mn Btu premium to TTF, "so generally speaking, the prices still continue to incentivise LNG supplies to Asia over other regions."

Gas Infrastructure Europe data shows that EU gas storage facilities are only 77% full, which is 14 percentage points below the five-year average for this time of year. Gazprom might start sending more gas to Europe once it has finished filling its domestic storage units, VTBC said.