Gas Summary at European Close: TTF Down 2% on Week

TTF is on track to fall around 2% on the week, moderating losses compared to mid-day. Front month has held between about €38.5/MWh and €40.4/MWh as the market assess the supply risks from Ukraine’s ongoing incursion into Kursk.

• TTF SEP 24 down 0% at 39.6€/MWh
• Gas transit flows through Ukraine are again nominated at the normal level at 42.4mcm/d today, according to Ukraine’s gas transmission operator.
• Norwegian pipeline supplies to Europe are unchanged today nominated at 331.3mcm/d according to Gassco.
• The weather forecast for NW Europe remains relatively unchanged with temperatures dropping to near normal over the coming weekend and into next week.
• European gas stores are up to 88.47% full on Aug 14 according to GIE compared to the five-year average of 80.4%.
• Asia’s spot LNG prices rose to their highest level in eight months, boosted by cooling demand across the region raising gas-fire power generation, Reuters said.
• The number of US LNG export cargoes fell to 20 last week from 25 the previous week, according to the EIA as feedgas flows to US LNG export terminals steady after a drop the previous week.
• Bangladesh's Summit LNG expects to complete repositioning and reconnecting work on its FSRU by end-August but relies on suitable weather conditions.
• Japan has grounded hundreds of flights and encouraged evacuations in the eastern part of the country on Friday due to a strong typhoon that has caused power blackouts in the middle of a major summer holiday week.
• QatarEnergy has dropped the October term price for al-Shaheen crude to 87 cents a barrel above Dubai quotes, according to Reuters sources on Friday.