Gas Markets Summary

Gas Summary: TTF is trading back negative on the day with supply fundamentals relatively unchanged despite the risks to Russian and LNG flows which have led the recent rally. High storage levels are limiting upside market moves with stocks still on track to reach the EU 90% full target in August after recent strong injections.

• TTF AUG 23 down -10.8% at 29.13€/MWh
• TTF Win 23 down 4.57% at 48.685 €/MWh
• TTF Sum 23 down 3.73% at €50.995/MWh
• Equinor sees a good outlook for gas supply to Europe for the coming winter given high gas reserves and plentiful access to supplies according to Reuters.
• Asia remains the most profitable market for exports of US LNG in September and October, according to BNEF, despite the falling JKM-TTF spread.
• Feedgas flows are down 44% at the one-train Cove Point LNG export terminal after an explosion July 25 shut down part of the Columbia gas transmission pipeline, according to Bloomberg.
• LNG - Australia is set for its second-highest LNG export volume of the year in July despite planned and unplanned outages in key facilities according to Kpler.
• US front month Henry Hub is trading lower today, down to lowest levels since July 20, with strong cooling demand due to warm weather set against steady supplies and with a dip in LNG export flows.
• US Natgas AUG 23 down -3.2% at 2.64$/mmbtu