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End of Day Gas Summary: TTF Retreats

NATURAL GAS

TTF extends the pull back today amid volatile trading with uncertainty over potential industrial action at Chevron's two LNG production facilities in Australia of Gorgon. The current status of talks between unions and Chevron remains unclear but strikes could begin from 7 Sep.

  • TTF Oct 23 down -10.9% at 35.1€/MWh
  • Norwegian pipeline supplies to Europe are unchanged from yesterday with a nomination today down at 181.6mcm/d due to the ongoing field and processing plant maintenance. An additional outage at Karsto is due to start tomorrow while key outages at Troll and Kollsnes continue until 7 Sep.
  • European gas storage is up to 92.70% full on a 29 Aug according to GIE data compared to the five year average for this time of year of 80.5%.
  • LNG prices could spike this winter even with high storage levels in Europe due to political and market uncertainties according to Tokyo Gas.
  • Market participants are sceptical that industrial gas demand will ever recover to pre-2022 levels, according to Argus.
  • The EU saw a substantial 12% year-on-year decline in gas consumption in July 2023 to reach 18 bcm according to the August Gas Exporting Countries Forum report.
  • German natural gas imports dropped by 17.9% year-on-year to 405bn KWh in the January-August period, BDEW data show.
  • German natural gas consumption last week fell further below the 2018-21 average to 20.5%, compared with 19.9% the week prior.
  • Hungary is looking to increase purchases of natural gas from Azerbaijan and Turkey, according to its Foreign Minister Peter Szijjarto via Interfax.
  • Gas flows through the Baltic Pipe have seen a gradually increase in the last couple of months reaching daily flows up to the maximum rate of 10bcm/year at times during August according to Energinet.
  • Argentina’s has injected record daily amounts of gas into the country’s pipeline system from the Vaca Muerta shale formation. The injections topped 100 mcm/d.
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