TTF breaks below the €50/MWh mark, for the first time since August 2021.
Unseasonably mild weather, high storage levels (45% above 5y average) and strong LNG supply are all putting downward pressure on gas prices.
Most importantly, the steep drop in European gas prices happened despite an almost complete dry up of Russian flows… which shows that Russia and Gazprom are loosing their market power over European gas fundamentals.
This being said, gas prices are still 3-4 times above their historic averages and the 2023 gas balance remains subject to an unusually wide range of uncertainties and risks.
What is your view? How will TTF prices evolve through the remainder of winter?
Source: Greg MOLNAR (LinkedIn)