Gas Summary at European Close: TTF Climbs

TTF has continued to find support during the day, supported by rising LNG demand from Egypt. This is coupled with reports of power supply issues at Freeport LNG, potentially impacting feedgas flows.

• TTF AUG 24 up 3.3% at 32.65€/MWh
• Egypt is also further increasing its LNG spot buying to cope with power demand over the summer. Traders said it is looking for another 5 cargoes in Aug-Sep.
• Power supply to the Freeport LNG facility is dropping on July 24, according to data seen by Bloomberg, to reverse the increase in power flows since the restart of the facility last week.
• Norwegian pipeline supplies to Europe are today nominated at 320.2mcm/d with outages at Visund, Troll and Karsto reducing capacity by 36.6mcm/d today.
• European gas storage is up to 83.15% full on July 22 according to GIE compared to the five-year average of 73.45% with near normal injection rates.
• LNG stockpiles held by Japanese utilities increased 6.82% w/w to 2.35m tons in the week to July 21 from 2.2m tons the previous week, according to data released by the trade ministry.
• LNG competition is to support European prices approaching winter although imports are set to remain subdued over summer amid good storage injection rates and with Asian prices maintaining a premium over Europe, according to Montel.
• Ukraine Sanctions on Lukoil a Significant Risk for Hungarian and Slovakian Refineries, Bloomberg reported in a headline.
• MNI Gas Weekly: Gas Markets Stabilising. Full piece here: https://roar-assets-auto.rbl.ms/files/65394/MNI%20Gas%20Weekly%20-%20Gas%20Markets%20Stabilising%20.pdf