Gas Mid-Day Summary: TTF Trades Higher

TTF front month opened higher today in a halt to the falling trend this week driven by supplies amid high storage levels and low demand, while prices eased back from an intra-day high of €28.755/MWh.

• TTF AUG 23 up 5% at 27.93€/MWh
• TTF WIN 23 up 4.1% at 46.93€/MWh
• Pipeline imports from Norway to Europe are up to 274.3mcm/d today.
• Norway maintenance update: Shell confirmed the return of the Nyhamna facility on 15 July. The Troll field is scheduled to return today. The Kollsnes processing plant has an unplanned outage on 14-15 July. Unavailable capacity has been increased to 13mcm/d.
• European gas in store rises to 80.31% full on 12 July compared to the five-year average of 65.6%.
• Europe’s LNG sendout continues to rise but remains below last year’s levels.
• The latest weather forecast for NW and central Europe suggests temperature above normal over the coming week but will fall back slightly below normal in the second week of the outlook. Southern Europe will see above-average temperatures throughout the forecast.
• Rising global LNG imports led by Europe makes additional investments "ever more necessary" to ensure security of supply according to International Group of LNG Importers.
• Transshipments of Russia’s Yamal LNG cargoes in Europe have reduced as more shipments are headed to Asia via the Northern Sea Route in the Arctic.
• US netbacks to Asia are holding a premium compared to the netbacks to Europe throughout the summer months.
• JKM-TTF Aug 23 down -0.1$/mmbtu at 2.74$/mmbtu