Gas Summary at European Close: TTF Down on Week

TTF is set for a weekly fall of around 4% on the week amid easing LNG supply risks and continued strong storage levels.

• TTF JUL 24 down 1.5% at 33.94€/MWh
• TTF Q3 24 down 1.5% at 34.53€/MWh
• Australia’s Wheatstone gas facility restart activities are ongoing, according to a Chevron Australia spokesperson on Friday cited by Reuters.
• The EU yesterday approved its 14th sanctions package on Russia including a ban on transshipment at European ports for re-exporting to other countries.
• Chevron said Wheatstone restart activities are ongoing as Bloomberg reports an LNG vessel nearby suggesting a resumption of production soon.
• Europe is still expecting above normal temperatures throughout most of the two-week forecast period.
• Norwegian pipeline supplies to Europe are today nominated at 326.2mcm/d amid ongoing outages. The Visund outage has been extended to June 25 and still with uncertain duration according to Gassco.
• Total European stores are up to 74.34% full on June 19 according to GIE compared to the five-year seasonal average of 64% amid below normal net injections.
• Chinese engineering firm Wison New Energies will discontinue all its ongoing projects in Russia and will indefinitely stop taking any new Russian business, according to Reuters.
• The Federal Energy Regulatory Commission is set to vote on Venture Global’s CP2 LNG export project in Louisiana at its June 27 meeting, according to the agenda cited by Bloomberg.