Gas Mid-Day Summary: TTF Hold Onto Losses

TTF front month has reversed some earlier losses but is continuing to trade lower today as Norwegian gas flows have risen to the highest level since mid-April as the first round of maintenance season has ended, while a downward revision in temperatures will limit demand for cooling.

• The TTF August contract recovered from an intra-day low of €24/MWh.
• TTF AUG 23 down -2.3% at 25.36€/MWh
• NBP AUG 23 down -1.8% at 62.25p/th
• TTF WIN 23 down -1% at 45.06€/MWh
• Norwegian gas flows to the UK and Northwest European terminal were at 320.70mcm/d today vs the five-day average of 280.64mcm/d, and the highest level since 15 April,
• The Troll field, and the Kollsnes and Nyhamna processing plants returned from yearly maintenance last weekend.
• The latest ECMWF weather forecast for Northwest Europe has been revised down, with temperatures expected to be below the seasonal norm from later this week, limiting demand for cooling. Temperatures are expected to rise back up above the seasonal average later next week for several days.
• European gas in store rises to 81.05% full on 14 July compared to the five-year average of 66.21%.
• US liquefied natural gas exports are currently more profitable to Asia in September and October, to Europe in November. The gas price spread between Asia and Europe is $3.32/MMBtu in August.
• JKM-TTF Aug 23 up 0.1$/mmbtu at 3.53$/mmbtu