Gas Mid-Day Summary: TTF Retreats Further

TTF front month trades lower for the second consecutive day to the lowest since 8 June on building storage inventories, low demand and recovering supply from Norway.

• TTF AUG 23 down -2.6% at 29.43€/MWh
• TTF front month recovered from a daily low of €28.82/MWh. The TTF front-month contract fell below €30/MWh for the first time in almost one month on Monday.
• Pipeline imports from Norway are starting to recover at 262.6mcm/d today with several facilities such as Troll, Nyhamna and others returning from annual maintenance this week.
• EU gas in storage was up to 79.8% full on 9 July and above the five-year average of 64.7%.
• The EU will publish on Wednesday the joint gas tender results. EU firms submitted bids for 16bcm of gas demand in the second round.
• US Henry Hub front month rallies up from a low of 2.54$/mmbtu on 7 July with support from warm weather across the US but remains below recent highs of around 2.8$/mmbtu seen in late-June/early-July.
• US Natgas AUG 23 up 1.8% at 2.72$/mmbtu
• Competition for LNG supplies from Asia remains muted amid subdued demand despite spreads favoring spot supplies to Asia.
• JKM-TTF Aug 23 up 0.1$/mmbtu at 2.65$/mmbtu