Gas Summary at European Close: TTF Drifts Lower

TTF has drifted lower today as warm weather and steady supplies are enabling low storage withdrawal rates as the winter heating season draws to a close.

• TTF APR 24 down 0.1% at 24.9€/MWh
• TTF SUM 24 up 0% at 25.32€/MWh
• Temperatures in NW and central Europe are expected to remain above normal throughout much of the two-week forecast.
• European gas storage was 60.59% full on Mar. 10 according to GIE data compared to the seasonal five-year average of 43.14%.
• Norwegian pipeline supplies to Europe are today nominated down at 337.2mcm/d amid small, planned field and processing plant outages this week.
• Freeport LNG is scheduled to complete its train 3 repairs this week, according to guidance from the operator, Bloomberg said.
• A building LNG glut will send prices to $6.50 per million British thermal unit in 2026 according to Morgan Stanley – around half the average of 2023.
• China’s state owned Unipec has asked US regulators for an opportunity to intervene in a request from Venture Global LNG to extend the commissioning period of its Louisiana project.
• Global LNG imports declined by 13% on the week to 7.8mn tons in the week 4-10 March, amid lower shipments to China and South Korea according to BNEF.
• Argentina’s state-owned Enarsa is delaying the award of its 10-cargo buy tender by one week, according to Bloomberg sources.
• ADNOC said it will make an FID on an LNG export plant this year, according to Bloomberg.
• Diversification of Japan’s LNG supply sources is likely to prove crucial for energy security with focus on long-term supplies from Australia and the US as existing contracts expire.