Gas Summary at European Close: TTF Extends Losses

Front month TTF has extended losses throughout the session to fall to the lowest since 15 March, amid a lack of a prolonged cold spell at the remainder of this heating season, high stock levels and improved supplies.

• TTF APR 24 down 4.2% at 26.58€/MWh
• TTF SUM 24 down 3.9% at 26.75€/MWh
• Weather forecasts for NW Europe suggest temperatures to briefly drop below normal at the end of this week before rising back above the seasonal average.
• German natural gas consumption last week fell 27.8% below the 2018-2021 average, as milder weather weighed especially on household demand, Bnetza data showed.
• Norwegian pipeline supplies to Europe continue to recover up to 337.0mcm/d today from a low of 313mcm/d on Mar. 17 amid field outages.
• European gas storage was at 59.39% full on Mar. 19 according to GIE.
• LNG stockpiles held by Japanese utilities declined by 6.43% last week to 1.6mn tons as of 17 March, the lowest since September, according to data released by the trade ministry.
• SEFE has signed an agreement with Oman LNG for the delivery of 0.4mtpa of LNG during 2026 and 2029, the firm said.
• The LNG market has limited scope for demand growth in Europe, while the bigger demand case is in Asia, Vitol’s chief executive Russell Hardy said at CERAWeek, cited by Argus.
• Germany’s first permanent onshore LNG terminal outside Hamburg could begin construction within a few weeks after taking a final investment decision according to Bloomberg.
• Weekly LNG exports from the Freeport LNG exports terminal dropped in March, due to ongoing works at the facility according to Kpler.
• MNI COMMODITY RESEARCH: RUSSIA’S CHALLENGE IN REPLACING LOST EU GAS EXPORTS – Full piece here: https://roar-assets-auto.rbl.ms/files/60455/Russia%E2%80%99s%20Challenge%20in%20Replacing%20its%20Lost%20EU%20Exports.pdf