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Euro gas steady after yesterday's surge

NATGAS

European TTF gas falls back to 104.25€/MWh with NBP at 161.95p/th

  • TTF surged yesterday to a peak of 114.745€/MWh over uncertainty of gas supplies from Russia. Disruption to Russian transit flows via Ukraine continues with total nomination for 61.93mcm/d. No gas is entering via Sokhranovka and entry via Sudzha is nominated down from 63.78mcm/d to 60.80mcm/d.
  • Initial indications are that sanctions against Gazprom Germania GmbH and subsidiaries will not impact Nord Stream flows which hold steady at 73.4GWh/h today.
  • LNG flows into Europe remain strong after gradually increasing so far this year up to a weekly average of 284mcm/d.
  • Norwegian supply is slowly coming back up 10mcm today to 317.4mcm/d after maintenance.
  • NW Europe temperatures remain above normal for week 1 although dip back to normal late next week. Europe storage is up to 38% full compared to a 5-year average of 43% for this time of year.
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