Gas Summary at European Close: TTF Continues Retreat

TTF front month is losing further ground today amid bearish short-term fundamentals. High stocks and mild weather are offsetting unplanned supply disruptions from Norway.

• TTF MAR 24 down -4.1% at 23€/MWh
• Norwegian pipeline supplies to Europe are today nominated back up to 339mcm/d.
• The Dutch Gate LNG terminal in the port of Rotterdam plans scheduled maintenance for three days on May 6-8.
• The European weather forecast remains mild throughout the two week period.
• German natural consumption stood 28.5% below the 2018-2021 average last week, weighed on by lower household demand amid mild weather, Bnetza data showed.
• European gas storage withdrawals were 64.92% full on Feb 20 according to GIE data.
• The EU’s joint gas purchase platform will become permanent, according to the Commission’s executive vice-president Maros Sefcovic.
• Italy’s FSRU Toscana terminal will undergo a shutdown due to an extraordinary maintenance a week earlier than previously announced.
• Russia’s Sakhalin Energy is offering 12 LNG cargoes a year to Chinese buyers for a term period of three to five years starting in August according to Platts.
• Three of Venture Global LNG’s main customers have asked US energy regulators to address the LNG developers request for a one-year permit extension to complete its Louisiana export facility.
• South and Southeast Asian LNG imports are forecast to rise by 12% on the year to 34.7mn tons this summer.
• Shipping companies are considering converting two LNG tankers into floating storage units to help meet rising demand in Inda, according to Bloomberg.