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European Gas Holding Supply Fear Gains

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TTF is slightly down on Friday but holds overall strength this week over warmer weather, tighter LNG supplies and with Russian gas supplies to Austria at risk.

  • TTF JUN 24 down -0.5% at 35.05€/MWh
  • Planned maintenance at some of Norway’s gas assets at the end of this month has also pushed up European gas prices.
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 285.70 mcm/d vs 5-day moving avg 270.12 mcm/d according to Gassco.
  • LNG flows to Northwest Europe on May 22 were 146.09 mcm/d, 19% lower than the 30 day average.
  • LSEG data showed on Thursday that weather forecasters expect a sharp drop in wind speeds in northwest Europe from Friday.
  • European gas storage was 68% full on May 22 vs the 5-yr seasonal norm of 54% for this time of year according to GIE.
  • European LNG prices rose to a five-month high amid tightness in regional supply and boosted competition with other basins for LNG cargoes, Platts said.
  • OMV warned the market that Russian state giant Gazprom could halt natural gas supply to Austria due to a foreign court ruling that could interrupt OMV payments to Gazprom Export.
  • Former regulator head Walter Boltz said the Russian gas deliveries to Austria “will stop at some point this summer, maybe in two or three months,” according to Montel. The halt could impact supplies up to 6bcm/year, Montel added.
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TTF is slightly down on Friday but holds overall strength this week over warmer weather, tighter LNG supplies and with Russian gas supplies to Austria at risk.

  • TTF JUN 24 down -0.5% at 35.05€/MWh
  • Planned maintenance at some of Norway’s gas assets at the end of this month has also pushed up European gas prices.
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 285.70 mcm/d vs 5-day moving avg 270.12 mcm/d according to Gassco.
  • LNG flows to Northwest Europe on May 22 were 146.09 mcm/d, 19% lower than the 30 day average.
  • LSEG data showed on Thursday that weather forecasters expect a sharp drop in wind speeds in northwest Europe from Friday.
  • European gas storage was 68% full on May 22 vs the 5-yr seasonal norm of 54% for this time of year according to GIE.
  • European LNG prices rose to a five-month high amid tightness in regional supply and boosted competition with other basins for LNG cargoes, Platts said.
  • OMV warned the market that Russian state giant Gazprom could halt natural gas supply to Austria due to a foreign court ruling that could interrupt OMV payments to Gazprom Export.
  • Former regulator head Walter Boltz said the Russian gas deliveries to Austria “will stop at some point this summer, maybe in two or three months,” according to Montel. The halt could impact supplies up to 6bcm/year, Montel added.