Gas End of Day Summary: TTF Nears €30/MWh Mark

TTF has been trading higher today and is nearing the €30/MWh on modestly lower Norwegian supplies amid an outage extension at the Troll facility, offsetting healthy storage levels and continued lower industrial demand.

• TTF SEP 23 up 7.5% at 29.15€/MWh
  
• Norwegian pipeline supplies to Europe are similar to yesterday at 312.3mcm/d. The maintenance at the large Troll field in Norway has been extended for 3-4 August affecting 12mcm/d of output, while seasonal maintenance has begun at other facilities.
• Total European gas in store was at 85.79% full on 30 July compared to the five-year average of 70.7%.
• LNG sendout to Europe averaged around 300mcm/d in the last few days of July compared to an average of around 333mcm/d for the whole month and an average of 372mcm/d in July last year.
• LNG exports from the US jumped 9% on the month in July, as operations resumed following planned maintenance.
• Chinese consumption of LNG hit 3.01m mt in July, a 3% rise on the month, according to OilChem.
• US LNG exports are currently more profitable to Asia in September and October, to Europe in November. The gas price spread between Asia and Europe is $2.19/MMBtu in September.
• JKM-TTF Sep 23 down -0.5$/mmbtu at 1.53$/mmbtu
• ADNOC’s DAS Island LNG export facility has not shipped a cargo since 18 July amid an ongoing outage raising concerns of tightening Asian supply.
• German natural gas use for energy production in the first half of this year declined by 10.1% year on year, AGEB data showed.
• More natural gas is flowing into Ukraine as traders take advantage of the country’s spare storage capacity to further build up Europe’s winter reserves.