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End of Day Gas Summary: TTF Rises as Strikes Start


TTF saw a strong rise on the day, although eased back from some of the earlier gains, after industrial action began at two of Chevron’s LNG facilities this morning. However, TTF is down around 2.8% on the previous week.

  • TTF OCT 23 up 5% at 34.4€/MWh
  • TTF WIN 23 up 1.1% at 46.99€/MWh
  • JKM Oct 23 up 2.3% at 13.32$/mmbtu
  • Industrial action at the Gorgon and Wheatstone LNG facilities started 06:00BST on Friday and stoppages will be up to 11 hours per day until 13 Sep before increasing to 24-hour stoppages from 14 Sep. Strikes are unlikely to have an affect on LNG shipments this week.
  • Norwegian gas supplies to Europe stood at 133.5mcm/d today, slightly recovering from yesterday’s lows. Gas flows to the continent will remain further restricted this weekend following an outage extension to the large Kollsnes facilities.
  • Unavailable capacity for Saturday in Norway has been revised up to 219.56mcm/d, from around 189mcm/d yesterday.
  • European natural gas storage was at 93.47% full on a 6 Sep according to GIE data compared to the five year average for this time of year of 82.4%. Injection rates have dropped as total storage levels approach capacity and have averaged about 1,280GWh/d in the last week compared to the five year average for the period of just under 2,740GWh/d.
  • The latest Baker Hughes rig count data is due for release at 13:00ET. The gas rig count was last week down to a new low for the year of 114.
  • The EU has no immediate plans to ban Russian LNG despite soaring imports according to Spain's energy minister amid fears of another price spike.
  • LNG sendout to Europe was at 322mcm/d on 6 Sep as flows remain relatively unchanged so far this month and still just below last year levels.
  • LNG charter rates climb as steep contango makes LNG in floating storage more profitable according to Timera Energy.
  • The operating rate at China’s LNG terminals rose 59% from Sept. 1-7, according to OilChem, up 2 percentage points on the previous week.

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