TTF sees further gain on Jan 4
The February gas delivery contract at the Dutch TTF hub was up a further 11.5% on January 4 as of 17:20, trading at €89.7 ($101)/MWh, according to ICE data.
The second day of the contract's growth comes as the Yamal-Europe pipeline that normally delivers gas from Siberia to Europe continues to flow in reverse, pumping gas from Germany to Poland. It has now been operating in reverse mode for half a month.
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Russia's Gazprom has steeply reduced gas flow to Europe in recent months, although the reasons are unclear. NGW estimates that the company's supplies to the continent were down 19% year on year in December, albeit up 12% month on month.
The February contract at TTF is still trading much lower than it was towards the end of last year. It soared to nearly €180/MWh on the arrival of colder weather on December 21, before slipping back under the €100/MWh threshold as milder weather swept the continent.