European gas lower as supply remains healthy

TTF down 1.5% to 89.6€/MWh

• Prices are drifting down as gas supplies into Europe remain relatively unchanged from yesterday. The upside risk of supply disruption from Russia remains with the next payments due. Companies are hoping to be able to settle contracts as appropriate in euros and dollars and be able to satisfy Russian demands as well as comply with EU sanctions.
• Russian flows through Ukraine stand at 62.4mcm/d and Nord stream flows are stable at 73.4GWH/h.
• LNG imports are expected to remain strong and Norwegian flows are back to the highest since 5^th May with nominations at 330.1mcm/d.
• Gas storage levels continue to fill quickly, and the EU yesterday agreed the threshold of 80% minimum before the 1^st Nov this year. Storage is currently 41.2% full compared to the 5-year average of approximately 45%.