Gas Summary at European Close: TTF Edges Up

TTF has pared some of its earlier gains but remans higher as close approaches. Upside comes from continued curtailed Norwegian supply due to maintenance and competition with Asia for LNG volumes.

• TTF JUN 24 up 1% at 30.92€/MWh
• TTF Q3 24 up 1.1% at 31.55€/MWh
• Norwegian pipeline supplies to Europe are today nominated at 289.1mcm/d with Gassco showing outages of 65.9mcm/d today falling to 30.4mcm/d in the next couple of days.
• Temperatures in NW Europe are expected to hold above normal throughout the two-week forecast although could cool slightly after rising in the coming days to a high around May 12.
• Total European gas storage was 63.81% full on May 6 according to GIE compared to the five-year seasonal average of 48.8%.
• LNG imports into the UK remain below average levels for the time of year, which has been the case since the end of January, according to Bloomberg.
• Turkey's BOTAS signed an LNG trade deal with ExxonMobil on Wednesday according to the Turkish Energy Minister.
• Natural gas supply to Freeport LNG has risen to its highest level since late January, according to Bloomberg.
• Algeria’s concerns over TAQA’s potential takeover bid on Spain’s Naturgy could result in a cut in pipeline natural gas supplies to Spain according to Montel.
• The reportedly considered EU ban on the transhipment of Russian LNG via European facilities in the 14th round of sanctions would primarily impact shipping operations from the Yamal LNG facility according to Timera.
• Egypt’s EGAS is looking to buy an LNG cargo on a DES basis for May 29-30 delivery to the Aqaba import terminal in Jordan, according to Bloomberg.