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Gas Mid-Day Summary: TTF Falls

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Energy BulletsCommodities

TTF has started the week lower as European gas fundamentals remain unchanged with steady supply and tepid demand and despite further attacks on Ukrainian gas infrastructure.

  • TTF MAY 24 down 2% at 28.3€/MWh
  • TTF Q3 24 down 2% at 28.9€/MWh
  • Russia missile attacks on natural gas infrastructure in Ukraine over the weekend had targeted gas facilities important for supply to the EU according to Ukrainian President Volodymyr Zelenskiy.
  • Freeport LNG restarted one liquefaction train over the weekend according to Bloomberg sources as feedgas to the facility rose to the highest since April 9.
  • Norwegian pipeline supplies to Europe are today nominated at 269.1mcm/d with field and processing plant capacity outages totalling 101.7mcm/d today according to Gassco data.
  • Temperatures in NW and central Europe are forecast above normal throughout the coming two weeks although could dip slightly from the highs expected early this week.
  • GIE data shows total European gas storage levels are now 61.61% full compared to the five-year average of 46.2%.
  • Russia is expected to miss its ambitious LNG production target to commission 100m mt by 2030 by as much as 60m mt amid sanctions and challenges in securing vessels and long-term contracts: Rystad Energy.
  • Turkey is in talks with ExxonMobil for a multibillion-dollar LNG deal to help cut dependence on Russian energy: Reuters citing the FT.
  • BP agreed a an 11-year LNG sale and purchase agreement with Korea Gas for 9.8m mt.
  • US LNG gas exports are more profitable to Asia, according to BNEF.
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TTF has started the week lower as European gas fundamentals remain unchanged with steady supply and tepid demand and despite further attacks on Ukrainian gas infrastructure.

  • TTF MAY 24 down 2% at 28.3€/MWh
  • TTF Q3 24 down 2% at 28.9€/MWh
  • Russia missile attacks on natural gas infrastructure in Ukraine over the weekend had targeted gas facilities important for supply to the EU according to Ukrainian President Volodymyr Zelenskiy.
  • Freeport LNG restarted one liquefaction train over the weekend according to Bloomberg sources as feedgas to the facility rose to the highest since April 9.
  • Norwegian pipeline supplies to Europe are today nominated at 269.1mcm/d with field and processing plant capacity outages totalling 101.7mcm/d today according to Gassco data.
  • Temperatures in NW and central Europe are forecast above normal throughout the coming two weeks although could dip slightly from the highs expected early this week.
  • GIE data shows total European gas storage levels are now 61.61% full compared to the five-year average of 46.2%.
  • Russia is expected to miss its ambitious LNG production target to commission 100m mt by 2030 by as much as 60m mt amid sanctions and challenges in securing vessels and long-term contracts: Rystad Energy.
  • Turkey is in talks with ExxonMobil for a multibillion-dollar LNG deal to help cut dependence on Russian energy: Reuters citing the FT.
  • BP agreed a an 11-year LNG sale and purchase agreement with Korea Gas for 9.8m mt.
  • US LNG gas exports are more profitable to Asia, according to BNEF.