September 07, 2023 15:42 GMT
End of Day Gas Summary: TTF Remains Volatilev
The TTF front month rallied later in the day in another volatile session after headlines suggested the unions and Chevron are unlikely to strike a deal to avert strike action according to union officials.
- TTF OCT 23 up 7.6% at 33.43€/MWh
- JKM Oct 23 up 6.4% at 13.12$/mmbtu
- Discussions between Chevron and the unions in Australia are set to continue trough Friday, after industrial action has again been postponed to 13:00AWST on Friday from 06:00AWST previously scheduled. The Offshore Alliance considers the package provided by Chevron underwhelming and it’s very unlikely they will reach an agreement, according to a union representative.
- Norwegian pipeline supplies to Europe are back down to 123.2mcm/d, the lowest on record since at least 2015.
- Additional outage extensions at several gas fields and facilities in Norway further reduce gas flows to Europe in the coming days, Gassco remit data showed.
- European natural gas storage was at 93.34% full on a 4 Sep according to GIE data compared to the five year average for this time of year of 81.9%.
- Yukio Kani, CEO of JERA, played down the possible impacts of Australian LNG strikes in an interview with Platts on the sidelines of the Gastech conference.
- Industrial gas demand in August rose by 5.57% on the month to 1.043TWh/d. Gas demand from households and small businesses declined by 16.4% month on month to 194GWh/d.
- German natural gas consumption last month stood 16.9% below the 2018-2021 average, compared with 20.2% below the average in July, Bnetza data showed.
- Swiss hydropower reserves last week rose by 2.6 percentage points to 84.5% of capacity as of 4 September and moved to a surplus to the five-year average for the first time in seven weeks.
- LNG sendout to Europe is edging higher this week up to 355mcm/d on 5 Sep but flows into NW Europe are still just below levels from last year.
- LNG storage at major Japanese power utilities fell to 1.79m tonnes in August, down by 0.96m tonnes on the year and 0.21m tonnes below the five-year average.
- India’s GAIL will use activity on the LNG spot market to meet spikes in power demand, Reuters said.
- Pakistan Gasport is looking to buy its first spot LNG cargo since June 2022, its chairman Iqbal Ahmed told Reuters.