Winter is coming and gas prices are getting nervous

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.

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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)