End of Day Gas Summary: TTF Trades Lower

TTF has eased back today after a short spike following the outage extension to the large Troll field in Norway. LNG Supply concerns from strikes in Australia are balanced against low demand and healthy storage levels

• TTF OCT 23 down -1.6% at 35.27€/MWh
• Australia Strike: Chevron’s three applications requesting regulators to intervene in LNG labour dispute in Australia will be heard together on 22 September, Fair Work Commission President Justice Adam Hatcher said. Chevron must participate in further mediation with the unions before the date of the hearing, Hatcher said. Strikes are to intensify with full walkouts on 14 Sept.
• Australia’s weekly LNG exports fell by 7.53% on the week to 1.35mn tons in the week starting 4 September.
• Norwegian natural gas supplies to Europe are struggling to recover and fell back on the day due to outage extensions. The maintenance at the 125mcm/d Troll field has been further extended until 14 Sept, Gassco remit data show.
• European natural gas storage was at 93.81% full on a 10 Sep according to GIE data compared to the five year average for this time of year of 83.3% amid slow injection rates.
• LNG sendout to Europe has fallen back from around 330mcm/d at the start of the month to 268mcm/d on 10 Sep.
• China is returning to the LNG spot market with the aim to stock up LNG for the winter period. China’s Unipec released a tender to purchase LNG through Dec 2024.
• The first train of the Arctic LNG 2 project started commissioning works, Russia’s President Vladimir Putin said.
• Global LNG supply is forecast to increase by 6% this winter compared to the previous year with the bulk of the growth due to the return of Freeport LNG from a lengthy outage.
• Construction work at the revived 10.8mn t/yr Iran LNG project stands at just shy of 50pc according to Abdolhossein Bayat, the chairman state-owned Opic.
• Germany plans to operate six FSRU LNG facilities by the end of the year but mounting opposition to plans for a 13.5 Bcm/year two-FSRU terminal at the port of Mukran on the island of Rugen could risk the country’s ambition according to S&P Commodity Insights.
• Novatek’s Yamal LNG plant will not need to shut for maintenance in 2024, CEO Leonid Mikhelson said on the sidelines of the Eastern Economic Forum.