Egypt May Pause Summer LNG Imports Again

Egypt may pause LNG exports again during summer in order to meet domestic demand, Egyptian Oil Minister Tarek El-Molla said, which supported TTF futures further down the curve.

• TTF futures spiked shortly following the headline have since then pulled back slightly. TTF Sum 24 rose to an intra-day high of $25.15/MWh, while TTF Win 24 rose to an intra-day high of €29.885/MWh.
  • TTF MAR 24 up 2.1% at 24.19€/MWh
  • TTF SUM 24 up 1.7% at 24.78€/MWh
  • TTF WIN 24 up 2.8% at 29.5€/MWh
  • TTF SUM 25 up 2.7% at 27.46€/MWh
• Last summer, Egypt did not load any LNG cargoes between July and early October. Egypt typically exports excess natural gas to Europe.
• El-Molla added that the country’s natural gas production has fallen to 5.5bcf/d due to natural declines at fields.
• Eni’s COO said last week that Eni is expecting to export 8-10 LNG cargoes from Egypt in the months before the end of the winter heating season.