TTF month-ahead prices at new all-time highs

European gas prices reached new highs on Thursday in another extremely bullish trading session. TTF month-ahead prices traded at a new all-time high at €37.50/MWh intraday while NBP month-ahead prices topped 91.9 p/th, a level not seen since an extremely cold month in November 2005 in the UK. At the spot level, Spanish day-ahead prices jumped almost 10% higher day-on-day. Fundamentals remained supportive with a sharp drop in UK LNG sendouts from 34 mm cm/day on average in June 21 to only 7 mm cm/day yesterday, the Yamal shutdown planned next week and Nord Stream 1 the week after amid low inventories, no upside in Ukrainian transit and rallying LNG prices in Asia. Note that Brazilian LNG imports hit a new all-time high in June on the back of a severe drought which cut hydro reserves, supported thermal power generation and attracted multiple US LNG cargoes.

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