Gas Mid-Day Summary: TTF Choppy

Front month TTF is slightly higher Friday in a choppy session so far. TTF is finding support from colder January weather forecasts and risks to LNG supplies passing the Red Sea. Upside is capped by strong near-term supplies, high storage levels and longer-term demand switching.

• TTF JAN 24 up 0.3% at 34.3€/MWh
• NBP JAN 24 up 0.2% at 85.69p/th
• JKM Jan 24 up 0.4% at 12.22$/mmbtu
• JKM-TTF Nov 23 up 0.2$/mmbtu at 1.2$/mmbtu
• EU natural gas storage levels were at 88.36% as of Dec. 20, compared to the five-year average of 73.93%.
• Norwegian nominated flows to the UK and Northwest Europe terminals at 355.0 mcm/d today, vs 5-day moving avg 355.82 mcm/d.
• LNG flows to Northwest Europe on Dec. 20 were own to 228.90 mcm/d – compared to the 30-day average of 269.30 mcm/d.
• China’s CNPC and CNOOC have asked the US government for sanctions exemptions on Russia’s new LNG export plant, Arctic LNG 2 according to Reuters sources.
• Venezuela will issue a license to Shell and Trinidad’s state-owned gas company for the export of natural gas to the Caribbean Island, according to Bloomberg.