TTF gas prices soared by more than 7% today (January 13), recording their strongest daily increase since Nov 23, as geopolitical tensions and cold weather continue to fuel price volatility.
Colder weather, rapidly falling gas inventories (-4.5 bcm below their 5y average) and the Shah Deniz outage are all contributing to this strong increase in gas prices, but the market fundamentals are not the most important driver.
The prospects for lower Russian LNG exports from the sanctioned Portovaya and Vysotsk terminals, together with the alleged attacks on the TurkStream pipeline are adding to price volatility, and highlights that gas markets remain at the mercy of geopolitics…
What is your view? Will we see more price volatility feeding through 2024? Do you see any further upside for gas prices?
Source: Greg MOLNAR
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