June 05, 2024 15:24 GMT
Gas Summary at European Close: TTF Eases Back
NATGAS
TTF front month has slipped back further today, amid easing concerns over an Norwegian supply, robust EU gas storage levels, and tepid regional demand
- TTF JUL 24 down 1.5% at 33.31€/MWh
- TTF Q3 24 down 1.3% at 33.73€/MWh
- Norwegian pipeline supplies to Europe are today nominated at 280.5mcm/d amid the unplanned outage at Nyhamna expected to last until June 8.
- Total European gas storage was up to 70.62% full on June 3 according to GIE compared to the five-year seasonal average of 58.6% with net injection rates 30% below normal in the last week.
- LNG imports into NW decline in May with a total of 53 cargoes in the month down from 61 in April and 88 in May 2023 according to Bloomberg ship tracking data.
- Egypt expects to import over 20 LNG cargoes over the summer to try and ease power shortages in the country.
- LNG stockpiles held by Japanese utilities increased 8.25% w/w to 2.23m tons in the week to June 2 from 2.06m tons the previous week.
- Trinidad’s Atlantic LNG has started planned maintenance to liquefaction train 4, due to last approximately 45 days: Bloomberg.
- Europe’s share of monthly delivered US LNG exports fell below 50% in May: Platts.
- Argentina’s state-run Enarsa bought seven LNG cargoes as part of its third tender for winter heating season.
- Qatar has agreed to supply CPC with LNG for 27 years.
- The Biden administration intends to finalize an environmental and economic review of its LNG exports by the end of the first quarter of 2025, following a period of public comment according to Energy Secretary Jennifer Granholm.
- MNI Gas Market Weekly – Norway Disruption Prompts Temporary TTF Spike. Full piece here: https://roar-assets-auto.rbl.ms/files/64577/MNI%20Gas%20Market%20Weekly%20-%20June%2005,%202024.pdf
281 words