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Gas Summary at European Close: TTF Builds on Gains

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TTF front month has built on last-week’s gains with support from geopolitical risks and Norwegian supply outages.

  • TTF JUN 24 up 3.5% at 31.84€/MWh
  • TTF Q3 24 up 3.2% at 32.58€/MWh
  • Natural gas production increased 9.8bcm m/m in March but was approximately 9.7bcm or 5% down year-on-year driven by the US: JODI
  • Norwegian pipeline supplies to Europe are today nominated at 317.3mcm/d. Gassco data shows outages of 41mcm/d today will rise to 177mcm/d tomorrow amid works at Troll and Kollsnes before declining back to around 55mcm/d later this week.
  • Seven LNG vessels are waiting offshore at the Bintulu export facility in Malaysia as exports slowly recover after an outage due to power loss earlier this month, according to Bloomberg ship-tracking data.
  • Temperatures in NW and central Europe are still forecasts to hold above normal throughout the two-week outlook.
  • Total European gas storage was up to 66.77% full on May 18 according to GIE compared to the five-year seasonal average of 52.8% but with injection rates back below normal in recent days.
  • Asian LNG prices appeared set to fall but will likely retain a premium to Europe as the region fills its storage, consultancy Afry told Montel.
  • The LNG vessel Minerva Limnos delivered a US LNG cargo into Jordan over the weekend according to ICIS.
  • LNG imports to China are surging with buyers incentivized by lower prices this year according to BNEF.
  • Abu Dhabi National Oil co announced an 11.7% stake in phase 1 (trains 1-3) of NextDecade’s nat gas export project in Texas, Rio Grande on Monday.
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TTF front month has built on last-week’s gains with support from geopolitical risks and Norwegian supply outages.

  • TTF JUN 24 up 3.5% at 31.84€/MWh
  • TTF Q3 24 up 3.2% at 32.58€/MWh
  • Natural gas production increased 9.8bcm m/m in March but was approximately 9.7bcm or 5% down year-on-year driven by the US: JODI
  • Norwegian pipeline supplies to Europe are today nominated at 317.3mcm/d. Gassco data shows outages of 41mcm/d today will rise to 177mcm/d tomorrow amid works at Troll and Kollsnes before declining back to around 55mcm/d later this week.
  • Seven LNG vessels are waiting offshore at the Bintulu export facility in Malaysia as exports slowly recover after an outage due to power loss earlier this month, according to Bloomberg ship-tracking data.
  • Temperatures in NW and central Europe are still forecasts to hold above normal throughout the two-week outlook.
  • Total European gas storage was up to 66.77% full on May 18 according to GIE compared to the five-year seasonal average of 52.8% but with injection rates back below normal in recent days.
  • Asian LNG prices appeared set to fall but will likely retain a premium to Europe as the region fills its storage, consultancy Afry told Montel.
  • The LNG vessel Minerva Limnos delivered a US LNG cargo into Jordan over the weekend according to ICIS.
  • LNG imports to China are surging with buyers incentivized by lower prices this year according to BNEF.
  • Abu Dhabi National Oil co announced an 11.7% stake in phase 1 (trains 1-3) of NextDecade’s nat gas export project in Texas, Rio Grande on Monday.