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Gas Summary at European Close: TTF Erases Yesterday’s Gains

NATGAS

TTF is lower today having erased all of yesterday’s gains, downside pressure from plans to ramp up production from Wheatstone LNG at the end of this week.

  • TTF JUL 24 down 3.1% at 34.26€/MWh
  • TTF Q3 24 down 2.8% at 34.85€/MWh
  • Australia’s Wheatstone facility aims to begin ramping supply to the natural gas domestic market on June 22, according to an AEMO notice cited by Bloomberg.
  • The EU approved its 14th sanctions package on Russia over the aggression against Ukraine. The sanctions still allow for EU companies to purchase Russian LNG but prohibited transshipment at European ports for re-exporting to other countries.
  • OMV is currently unaware of any irregularities in Gazprom’s gas supplies to Austria, the company said, cited by Bloomberg.
  • Temperatures across much of Europe are forecast to increase further above normal into next week and are expected to remain warm throughout the two-week outlook.
  • Norwegian pipeline supplies to Europe are today nominated at 327.9mcm/d, but still curtailed by capacity reductions at Visund, Karsto, and Troll
  • Total European stores are up to 74.09% full on June 18 according to GIE compared to the five-year seasonal average of 63.65% as below normal net injections continue.
  • The growth in LNG demand in China is at risk from alternative fuels, according to Bloomberg, despite investment in LNG import terminals.
  • Russian missile and drone attacks overnight have further destroyed Ukrainian energy infrastructure and caused serious damage at one of its thermal power plants, officials said, cited by Reuters.

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