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End of Day Natural Gas Summary: TTF Rises

NATURAL GAS
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European gas markets are trading higher on the day following the extension to the maintenance at the large Troll field in Norway to 15 September, although the TTF front month remains below this week’s high of €37.95/MWh. Global LNG supplies remain in focus with a possible extension of strikes at facilities in Australia with full walkouts from 14 Sep.

  • TTF OCT 23 up 7.6% at 37.33€/MWh
  • Norwegian pipeline supplies to Europe are up slightly to 145.3mcm/d today. The maintenance at the 125mcm/d Troll field has been extended by one day until 15 September.
  • Maintenance extensions to Norwegian gas facilities and fields continues to weigh on gas pipeline supplies to Europe, Gassco remit data show.
  • Australian Strikes: ICIS has cut the output entirely from Chevron’s two facilities for the later two weeks of September resulting in 0.7mT loss at Gorgon and 0.44mT at Wheatstone. ICIS places Australian LNG supply at 4.9mT for the whole of September, post-strike deduction. Last September was 7.1mT, as a reference.
  • European natural gas storage continues to edge higher amid slow injection rates up to 93.85% full on a 11 Sep according to GIE data compared to the five year average for this time of year of 83.5%.
  • The European gas market is still holding onto small storage injections despite the extended period of Norwegian maintenance limiting supplies for longer than anticipated.
  • Industrial action at Chevron’s 16mtpa Gorgon and 8mtpa Wheatstone LNG export facilities has so far not impacted LNG exports, according to a Goldman Sachs note, citing high-frequency LNG loading data.
  • At least one Japanese buyer from Wheatstone and Gorgon LNG facilities in Australia was informed by sellers that their supply isn’t affected by the ongoing industrial action, according to Platts.
  • LNG storage at major Japanese power utilities is down so far in September, though the YoY difference is narrowing slightly with an increase of 1.2% on the week to 1.68m tonnes on 10 Sep.
  • LNG sendout to Europe recovered back to 316mcm/d on 11 Sep after falling to 263mcm/d on 10 Sep.
  • The US to is expected to lead global LNG exports in 2024, up by 2.8% to 88mt according to Kpler.
  • China’s CNOOC has re-exported an LNG cargo from the Ningbo receiving terminal for the first time, according to Kpler.
  • MNI COMMODITY WEEKLY: As Supply Cuts Wage on, IEA, EIA and OPEC Take Stance on Market Outlooks https://enews.marketnews.com/ct/x/pjJscQHbxb8I6ahuJht1Gg~k1zZ8KXr-kA8x6nGCcT3ptIPjO1OcQ
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European gas markets are trading higher on the day following the extension to the maintenance at the large Troll field in Norway to 15 September, although the TTF front month remains below this week’s high of €37.95/MWh. Global LNG supplies remain in focus with a possible extension of strikes at facilities in Australia with full walkouts from 14 Sep.

  • TTF OCT 23 up 7.6% at 37.33€/MWh
  • Norwegian pipeline supplies to Europe are up slightly to 145.3mcm/d today. The maintenance at the 125mcm/d Troll field has been extended by one day until 15 September.
  • Maintenance extensions to Norwegian gas facilities and fields continues to weigh on gas pipeline supplies to Europe, Gassco remit data show.
  • Australian Strikes: ICIS has cut the output entirely from Chevron’s two facilities for the later two weeks of September resulting in 0.7mT loss at Gorgon and 0.44mT at Wheatstone. ICIS places Australian LNG supply at 4.9mT for the whole of September, post-strike deduction. Last September was 7.1mT, as a reference.
  • European natural gas storage continues to edge higher amid slow injection rates up to 93.85% full on a 11 Sep according to GIE data compared to the five year average for this time of year of 83.5%.
  • The European gas market is still holding onto small storage injections despite the extended period of Norwegian maintenance limiting supplies for longer than anticipated.
  • Industrial action at Chevron’s 16mtpa Gorgon and 8mtpa Wheatstone LNG export facilities has so far not impacted LNG exports, according to a Goldman Sachs note, citing high-frequency LNG loading data.
  • At least one Japanese buyer from Wheatstone and Gorgon LNG facilities in Australia was informed by sellers that their supply isn’t affected by the ongoing industrial action, according to Platts.
  • LNG storage at major Japanese power utilities is down so far in September, though the YoY difference is narrowing slightly with an increase of 1.2% on the week to 1.68m tonnes on 10 Sep.
  • LNG sendout to Europe recovered back to 316mcm/d on 11 Sep after falling to 263mcm/d on 10 Sep.
  • The US to is expected to lead global LNG exports in 2024, up by 2.8% to 88mt according to Kpler.
  • China’s CNOOC has re-exported an LNG cargo from the Ningbo receiving terminal for the first time, according to Kpler.
  • MNI COMMODITY WEEKLY: As Supply Cuts Wage on, IEA, EIA and OPEC Take Stance on Market Outlooks https://enews.marketnews.com/ct/x/pjJscQHbxb8I6ahuJht1Gg~k1zZ8KXr-kA8x6nGCcT3ptIPjO1OcQ