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Gas Mid-Day Summary: TTF Holds Onto Losses Amid Norwegian Supplies

NATURAL GAS

TTF front month is trading lower today amid improved natural gas pipeline supplies from Norway, but prices remain volatile to supply disruptions.

  • TTF front month eased back up from an intra-day low of €25.555/MWh.
  • TTF AUG 23 down -1.2% at 26.75€/MWh
  • TTF WIN 23 up 1.2% at 48.07€/MWh
  • Norwegian gas flows to the UK and Northwest European terminal were at 335.5mcm/d today. The unplanned outage at the Aasta Hansteen field has been extended by one day until 20 July, marginally curbing output by 5.8mcm/d.
  • European gas stocks remain just below the top-range of the five-year average at 82.09% of capacity on 17 July, compared with the 2018-2022 average of 67.02%. Net gas storage injections stood the past three consecutive days above the five-year average after a prolonged period of below norm injection.
  • Spain’s El Musel LNG Terminal will receive its first commercial cargo in early August.
  • US LNG exports are currently more profitable to Asia in September and October, to Europe in November.
  • JKM-TTF Aug 23 up 0.7$/mmbtu at 2.19$/mmbtu
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