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NATGAS: European Gas Higher as Ukraine Transit Deadline Nears

NATGAS
Energy BulletsBulletPower BulletsCommodities

European gas remains well supported into the end of the year as Ukraine transit supporters fail to find any last minute solutions to its closure. 

  • TTF JAN 25 up 3% at 47.09€/MWh
  • Prices have also found support on colder weather and gas stockpiles that have depleted faster than normal.
  • Ukrainian officials including Zelensky have publicly stated they will not support Russian gas being transited unless the Kremlin will not finically benefit.
  • Gas demand in Europe is up this year as prices have been more conductive to demand recently.
  • Halted flows may intensify competition for LNG with Asia though cargo availability remains fairly plentiful.
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 335.40 mcm/d vs 5-day moving avg 335.94 mcm/d according to Gassco.
  • European gas storage was 75% full on Dec. 25 vs the 5-yr seasonal norm of 78% for this time of year according to GIE.
  • The U.S. has begun exports from Plaquemines this week, with the first cargo heading to Germany.
  • LNG flows to Northwest Europe on Dec. 23 were 194.91 mcm/d, 11% lower than the 30 day average BNEF reports.
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European gas remains well supported into the end of the year as Ukraine transit supporters fail to find any last minute solutions to its closure. 

  • TTF JAN 25 up 3% at 47.09€/MWh
  • Prices have also found support on colder weather and gas stockpiles that have depleted faster than normal.
  • Ukrainian officials including Zelensky have publicly stated they will not support Russian gas being transited unless the Kremlin will not finically benefit.
  • Gas demand in Europe is up this year as prices have been more conductive to demand recently.
  • Halted flows may intensify competition for LNG with Asia though cargo availability remains fairly plentiful.
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 335.40 mcm/d vs 5-day moving avg 335.94 mcm/d according to Gassco.
  • European gas storage was 75% full on Dec. 25 vs the 5-yr seasonal norm of 78% for this time of year according to GIE.
  • The U.S. has begun exports from Plaquemines this week, with the first cargo heading to Germany.
  • LNG flows to Northwest Europe on Dec. 23 were 194.91 mcm/d, 11% lower than the 30 day average BNEF reports.