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Gas Mid-Day Summary: TTF Trades Higher, US Natgas Rises Ahead of EIA Data

NATURAL GAS

TTF front month has increased gains throughout the morning amid maintenance extensions in Norway and above-average temperatures in the short term. US natgas is just holding above the lows from the couple of weeks ahead of the updated EIA storage data.

  • The maintenance at the Troll field has been further extended by three days to 13 July with 21.5mcm/d of unavailable capacity.
  • TTF AUG 23 down -5.6% at 32.44€/MWh
  • EU gas in storage was up to 78.63% full on 5 July and above the five-year average of 63.4%.
  • LNG sendout to Europe has recovered to 336mcm/d on 5 July, lagging last year’s levels.
  • US Henry Hub has been just holding above lows from a couple of weeks of 2.59$/mmbtu ahead of EIA storage data, which will be released this afternoon at 15:30BST. The expectation is for a build of +65bc.
  • US Natgas AUG 23 up 0.8% at 2.63$/mmbtu
  • Asian LNG demand recovery could fall short of expectations as H1 LNG imports into China still lag shipments in H1 2021. Japan’s imports in H1 continue to lag levels seen in the past two years.
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