TTF slumps as extra US LNG inbound
The January gas delivery contract at the Dutch TTF hub was down 17.6% at €109.2 ($123.6)/MWh as of 1:23 GMT on December 24 – a day after it was reported that a "flotilla" of US LNG cargoes was on route to Europe.
Bloomberg revealed on December 23 that out of 76 US LNG cargoes in transit, 10 tankers carrying a combined 1.6mn m3 of the fuel had declared destinations in Europe, with a further 20 carrying 3.3mn m3 appearing to be on a path to the continent.
The collapse in TTF's price comes after it surged 23.5% on December 21, on news of the reversal of the Yamal-Europe pipeline that usually pumps Russian gas westwards and the arrival of colder weather. The contract has risen steeply this month, amid storage concerns and a drastic cut in gas flow from Russia.