Gas Summary at European Close: TTF Extends Gains

Front month TTF has extended gains during the session amid a downward revision in temperature forecasts and a rise in Middle East tensions after a terror attack in Iran and further Houthi attacks on Red Sea vessels.

• TTF FEB 24 up 7.9% at 33€/MWh
• TTF Q1 24 down -6.5% at 33.47€/MWh
• A terrorist attack near the grave site of Iranian commander Qassem Soleimani in the central Iranian city of Kerman had added to tensions in the Middle East.
• The latest two-week weather forecast for NW Europe showed a downward revision in temperatures with temperatures falling below-normal starting 6 January, likely boosting demand for heating.
• The Houthi rebels attacked another vessel, this time likely the CMA CGM Tage, according to reports from security firm Ambrey.
• European gas storage was 86% full on Jan. 1 vs the 5-yr seasonal norm of 74% for this time of year according to GIE figures.
• LNG flows to Northwest Europe on Jan. 1 were 166.69 mcm/d, 32% lower than the 30-day average.
• Norwegian nominated flows to the UK and Northwest Europe terminals at 352.50 mcm/d vs the 5-day moving avg 352.76 mcm/d according to Gassco.
• India’s Petronet LNG – the country’s top gas importer – is likely to sign an extension deal this month with Qatar for LNG imports beyond 2028 according to India’s oil secretary Wednesday.
• Gazprom’s gas supplies to China via the Power of Siberia pipeline hit 22.7 bcm in 2023, according to a Telegram post by Gazprom, cited by Bloomberg.
• MNI COMMODITY WEEKLY: Middle East Geopolitical Threat Persists for Oil Markets – Full piece here: https://enews.marketnews.com/ct/x/pjJscQWAwegI6a9kdxF1Hg~k1zZ8KXr-kA8x6nCUsCgptIPjO1OcQ