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European Gas Holding Near Lowest Since Jul 2021

NATURAL GAS

TTF is holding steady near the lowest since July 2021 with a warm end of season weather forecast in NW and central Europe in the coming couple of weeks.

    • TTF APR 23 up 0.4% at 39.5€/MWh
    • TTF SUM 23 up 0.2% at 40.43€/MWh
    • TTF WIN 23 up 0.2% at 48.4€/MWh
  • The low end of season demand, steady LNG supplies, high storage levels and wider financial market risks are limiting any market upside. Upside risks could come from LNG competition from Asia and any reduction in LNG supplies although imports are stable with shipments into NW Europe expected to be higher in March than in Jan and Feb.
  • Total European LNG sendout was back over 400mcm/d to around 423mcm/d on 19 Mar supported by the return of Dunkerque LNG last week with the other three French terminals expected to resume tomorrow.
  • European gas in storage is at 55.75% according to GIE data from 19 Mar compared to the five year average of 34.9% after net injections in the last two days.
  • Norwegian imports are today nominated at 331.6mcm/d but output is expected to decline on Thursday and Friday due to planned maintenance at several facilities. Gas transit flows through Ukraine are today nominated at 42.4mcm/d and Algeria gas flow to Italy at Mazara is at 65.6mcm/d.
Energy BulletsCommodities
Energy BulletsCommodities

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