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Gas Mid-Day Summary: TTF Remains Volatile

NATURAL GAS

TTF front month is not showing a clear direction today as healthy storage levels and increased natural gas pipeline flows from Norway are weighed against increased cooling demand in southern Europe amid an ongoing heatwave.

  • TTF front month traded between €25.28-27.50/MWh today.
  • TTF AUG 23 down -0.2% at 26.9€/MWh
  • TTF WIN 23 up 0.4% at 48.6€/MWh
  • Pipeline imports from Norway remained stable at 334.80mcm/d today. There are reduced flows at the Asgard and Aasta Hansteen field amid unplanned outages, Gassco remit data showed.
  • Gas in store was up to 82.33% full on 18 July according to GIE data compared to the five-year average of 67.26%. Net gas storage injections fell back below the five-year average.
  • The heat wave is raising concerns about the ability of the market to cope with higher demand. Electricity consumption in Spain and Italy, which saw record temperatures, surged to its highest level since 2017, AZN bank said.
  • Egypt is scheduled to resume LNG exports from October.
  • JKM-TTF Aug 23 down -0.4$/mmbtu at 2.01$/mmbtu

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