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EU Gas Edges Higher With Focus on Weather and LNG Supply

NATURAL GAS

European gas market focus remains on the weather and LNG supplies. European storage levels are above normal at 94.76% thanks to EU measures to reduce consumption, high prices encouraging strong LNG imports and recent warm weather delaying the start of the winter heating season.

    • TTF DEC 22 up 3.3% at 120€/MWh
  • Today’s weather forecast shows temperatures in NW Europe drifting back down to normal in the middle of November after a continuation of the mild weather for the next 10 days.
  • The return of US LNG export terminals should help global LNG supplies and especially Europe with approximately 60% of supplies originating from US. Cove Point has recently returned from maintenance and Freeport is still aiming for gradual return in November although has yet to receive regulatory approval.
  • Norwegian gas supply is today nominated slightly lower at 302.4mcm/d while gas transit via Ukraine is unchanged at 42.4mcm/d.
Energy BulletsCommodities
Energy BulletsCommodities

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