RE: Gas price volatility continues !!16 Jun 2023 18:14
FT today:
European gas prices have doubled in just 10 trading days, highlighting how the market still remains on the edge over the continent’s gas supplies despite storage levels at record highs for the time of year.
In Thursday trading the price of the European gas benchmark Title Transfer Facility (TTF) rose as much as 27 per cent on the day to €49.50 per megawatt hour, its highest level since early April. At the start of June, TTF had fallen to as low as a two-year low of €23/MwH.
While prices are still down substantially from their peaks last summer, when the cut off of Russian pipeline supplies propelled TTF to eye-watering heights above €340/MwH, traders said market participants remain jittery. Underscoring the volatility, TTF prices later momentarily traded below the previous day’s close before rising 7.3 per cent at €42.80.