Someone is getting nervous: daily price variability on TTF exploded to its highest level on record this September, driven by large price swings amidst increasing market tightness and uncertainty.
September is typically one of the most volatile month in gas trading, with market players optimising their short-term positions before the start of the heating season.
This year, this is is spiced up with record low stocks, infrastructure uncertainty (Nord Stream 2, Maghreb Europe Pipeline), a tight global LNG market and 4 GW of nuclear disappearing in the middle of the heating season.
Winter is coming… and the gas markets are nervous. They might have a good reason this time…
What is your view? How will this winter play out?
Source: Greg Molnar (connect on LinkedIn)