Seasonal spreads have risen sharply in past weeks, with TTF S20-W20 reaching a 10 year high (4.75€/MWh) in early January. Several bearish factors have pushed Summer 20 prices down: renewal of the gas transit agreement between Ukraine and Russia, high LNG deliveries in Europe, record high stock levels. This is increasing the value of storage capacity at a time where Storage System Operators are usually starting to market capacity for the upcoming storage year.