Gas Summary at European Close: TTF Climbs

TTF is gaining ground again today, supported by LNG supply concerns following an outage to Wheatstone LNG in Australia, coupled with lingering Russian pipeline supply fears

• TTF JUL 24 up 2.5% at 35.15€/MWh
• TTF Q3 24 up 2.5% at 35.57€/MWh
• Chevron has deferred several cargoes due to an outage at Wheatstone LNG expected to last several days and could restart this week, according to Bloomberg.
• Norwegian pipeline supplies to Europe are today at 331mcm/d with ongoing outages at Visund and Karsto.
• Temperatures in NW and central Europe are forecast to gradually increase over the coming week to return above normal into the second half of June.
• Cold Arctic winds have caused an unseasonal dip in temperatures in Northwest Europe, boosting unseasonal heating demand.
• Total European gas storage was up to 72.14% full on June 10 according to GIE compared to the five-year seasonal average of 60.9% with net injection rates 44.5% below the previous five-year average last week.
• LNG stockpiles held by Japanese utilities fell 5.83% w/w to 2.1m tons in the week to June 9 from 2.23m tons the previous week, according to data released by the trade ministry.
• European imports of Russian pipeline gas and LNG rose by 5.8% m/m to 167mcm/day in May driven by increased flows via Bulgaria, according to Montel based on industry data.
• MNI Gas Market Weekly: Full piece here: