Gas End-Day Summary: TTF Holds Onto Gains

TTF front month has increased gains throughout the afternoon to above €40/MWh, but remains below highs seen early in the morning following news of an increased likelihood of industrial action at Woodside’s LNG facility in Australia and a decline in Norwegian gas supplies to Europe.

• TTF SEP 23 up 10.4% at 40.18€/MWh
• TTF WIN 23 up 4.4% at 55.3€/MWh
• TTF SUM 24 up 3.2% at 55.3€/MWh
• Australian Industrial Action: Workers at Woodside Energy’s North West Shelf LNG export plant have endorsed to take industrial action if a dispute over an enterprise bargaining agreement is not resolved by Wednesday, meaning workers could start industrial action as early as 2 September. At Chevron, workers at the Gorgon and Wheatstone downstream facilities began voting on possible industrial action on Friday. Employees at the Wheatstone offshore platform are scheduled to start voting today.
• Norwegian gas pipeline flows to Europe have fallen to 301.2mcm/d today, compared with last week’s average of 320.33mcm/d, with the start of annual maintenance at the Kollsnes gas processing plant today and increased unavailability due to works at the Troll field.
• Europe has only a 10% of gas shortages this winter as it is well prepared should Russian supplies fall to almost zero, Eurasia Group said in a note.
• Hydropower stock levels in seven European leading hydropower producing countries – Norway, Sweden, France, Italy, Austria, Switzerland and Spain – have risen overall above the five-year averages.
• Feedgas has fallen sharply at Cheniere’s Sabine Pass LNG plant, a possible sign that one of the six production trains may be offline, according to Bloomberg.
• US LNG exports remain more profitable to Asia in October, while Europe has become the premium market for November and December
• JKM-TTF Sep 23 down -0.3$/mmbtu at 1.96$/mmbtu
• LNG imports to Asia are expected up to the most since January at 22.86m metric tons for August according to Kpler data.
• Hungarian energy conglomerate MVM has agreed to buy 300 mcm of natural gas from Turkey’s BOTAS, according to Reuters.