After a wild volatility ride in 2022, TTF prices have fallen back to the oil-indexed price range, for the first time since June 2021.
TTF prices dropped by almost 90% since their August highs, amidst an unseasonably mild winter, record strong LNG supply and storage levels standing well-over their 5y average.
Timely policy action and consumers turning to gas savings was also a crucial factor on putting downward pressure on gas prices.
And as we are approaching the end of the heating season, gas storage sites seem to return to net withdrawals earlier than usual -despite of the French strikes still blocking 3 out 4 LNG terminals.
What is your view? Are we heading out from the troubled waters of 2022 or there are risks ahead? A dry summer, lower French and a slower than expected ramp-up of Freeport could still tighten the summer market…