Gas Summary at European Close: TTF Drifts Lower

TTF has remained in losses throughout the day, as milder weather forecasts across much of Europe and robust storage levels offset supply outages in Norway.

• TTF JUN 24 down 1.4% at 30.65€/MWh
• TTF Q3 24 down 1.4% at 31.2€/MWh
• Russia attacked a gas storage facility in Ukraine's western region of Lviv on Wednesday according to its governor Maksym Kozytskyi.
• Norwegian pipeline supplies to Europe are today nominated at 292.2mcm/d as works at Kollsnes, Troll and Visund continue today.
• Total European gas storage was 63.81% full on May 6 according to GIE with net injection rates falling on the day. Stores, however, remain near the five-year range high and above the five year seasonal average is 48.8% full.
• Temperatures in NW Europe are expected to hold above normal throughout the two-week forecast after rising in the coming days to a high around May 12.
• Scheduled maintenance on a pipeline supplying the US Corpus Christi LNG export facility in Texas is planned for 12 days next month, according to Cheniere.
• LNG stockpiles held by Japanese utilities fell to 2.01m tons in the week to May 5 from 2.13m tons the previous week, according to data released by the trade ministry.
• Global LNG imports are set to rise 2% m/m in May to 34.4m metric tons as seasonal cooling demand rises in China and emerging Asian markets, according to BNEF.
• Abu Dhabi’s ADNOC has signed a third long-term supply agreement for its Ruwais LNG project.
• Natural gas exports from Azerbaijan to Bulgaria are expected to rise to 1.5bcm by the end of the year according to President Ilham Aliyev.
• Vietnam has started the commissioning phase of its second LNG terminal and is set to start commercial operations in September.
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