Title Transfer Facility

I will say something interesting I saw in pricing.

I know we'll talk about, about really the price spreads between the U S and, um, JKM and the Dutch TTF.

But I think it was a couple of days ago, JKM actually went into Contango for that, that December benchmark price, you know, was, was a little bit higher, I think five and a half cents into Contango as the previous close was a backwardation.

And that's a result.

So in any event, it's, it's an interesting time and, and it going, going, looking forward, These are all thoughts on how we need to start contracting and thinking about our contracts as we're entering into them at this juncture.

Yeah, I mean, that's a really good point.

And maybe we can talk about that pricing piece a little bit, because I know you and I have talked recently about this spread between between Henry Hub, which is sort of sat at around three dollars this year per MBTU and JKM and TTF, which are in the up to the 30, 30 dollar range and that massive spread.

And that obviously that creates U.S., issues and opportunities but also it it creates kind of disparities on the long-term contracts outside of the us which are some of which will be tied to jkm some of which will be tied to to henry hub or linked to henry to those prices so yeah i mean certainly a lot of opportunities for for us producers to to to to make money from arbitrage on that spread

And on Wednesday, they topped 100 euros per megawatt hour for the first time since 2002.

Still far off the peak of 345 euros that we saw back then, but we did see Dutch TTF contracts rising about 4% this Wednesday.

European households are starting to turn on their heating.

Winter is usually a peak period for energy consumption here.

I will say something interesting I saw in pricing.

I know we'll talk about, about really the price spreads between the U S and, um, JKM and the Dutch TTF.

But I think it was a couple of days ago, JKM actually went into Contango for that, that December benchmark price, you know, was, was a little bit higher, I think five and a half cents into Contango as the previous close was a backwardation.

And that's a result.

So in any event, it's, it's an interesting time and, and it going, going, looking forward, These are all thoughts on how we need to start contracting and thinking about our contracts as we're entering into them at this juncture.

Yeah, I mean, that's a really good point.

And maybe we can talk about that pricing piece a little bit, because I know you and I have talked recently about this spread between between Henry Hub, which is sort of sat at around three dollars this year per MBTU and JKM and TTF, which are in the up to the 30, 30 dollar range and that massive spread.

And that obviously that creates U.S., issues and opportunities but also it it creates kind of disparities on the long-term contracts outside of the us which are some of which will be tied to jkm some of which will be tied to to henry hub or linked to henry to those prices so yeah i mean certainly a lot of opportunities for for us producers to to to to make money from arbitrage on that spread

So, you know, a cold December or January, a long spell of low wind, lower Norwegian flows, water flows or late LNG cargoes.

So with Dutch TTF gas near 90 euros, chemicals, fertiliser, metals and glassmakers, they face curtailments.

And because gas sets the power price, it flows straight into electricity bills and really complicates the ECB's decision on Thursday.

The flip side is that expensive gas strengthens that case for grid upgrades, storage and efficiency, although higher rates across the yield curve make these projects dearer to finance.

Is it better or worse place than the headlines suggest and what's coming for their household bills?

UK gas is priced off the same pool as the European continent.

So British prices have followed that Dutch TTF higher.

The household price cap rose 4% from 1 October and that was set before this latest leg up.

Sur la semaine, il prend six pour cent.

Même chose pour le TTF, la référence du gaz européen, qui dépasse maintenant les quatre-vingt-dix euros du mégawattheure.

Sur cette séquence, la réaction des obligations souveraines mérite qu'on s'y arrête.

Depuis le mois de mars et le début de la guerre en Iran, la hausse du pétrole faisait systématiquement monter les rendements.