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European Gas Summary: TTF Faces Further Weakness

NATGAS

Front month TTF saw further weakness on Monday as temperatures across Europe are forecast above normal through the rest of the month.

  • TTF JUL 24 down -3.1% at 34.28€/MWh
  • More relative European gas stability for the region follows a period of volatility sparked by supply outages, Ukrainian transit concerns and hostility around Gazprom contracts.
  • Norwegian pipeline supplies to Europe are today at 328.2mcm/d with ongoing outages at Visund and Karsto this week and a small 5mcm/d Troll capacity reduction.
  • European LNG send-out is holding steady at around 236mcm/d on June 15 according to Bloomberg and roughly in line with the average so far in June of 240mcm/d. France's Montoir LNG terminal will be shut completely for planned maintenance from June 15 to 7 July, with no regasification and no ships at the jetty.
  • European gas storage injections remain well below normal this week, but stores have slowly risen to 73.18% full on June 15 according to GIE compared to the five-year seasonal average of 62.7%.
  • The Hoegh Galleon FSRU arrived at Ain Sukhna in Egypt on 14 June after passing through the Suez Canal according to ICIS vessel tracking – raising competition for cargoes with Europe. Egypt is expected to pull 15-20 cargoes in the coming months.
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