Gas Summary at European Close: TTF Falls

TTF is headed for losses after briefly trading higher on the day, as high storage levels and ample supplies assuage concerns over weather risks and the start of storage withdrawal season

• TTF DEC 23 down -2.9% at 45.68€/MWh
• TTF Q1 24 down -2.8% at 47.3€/MWh
• The latest weather forecast for NW and central Europe shows temperatures at or above normal throughout the two-week outlook. Temperatures are expected to dip into this weekend before showing a warm start to next week and near normal thereafter.
• Natural gas consumption in the European Union last month rose to 24bcm, up by 5.1% year on year, primarily driven the industrial sector, data from the GECF Monthly Gas Report showed.
• Norwegian pipeline supply to Europe is slightly higher today up at 339.6mcm/d
• European natural gas storage is almost unchanged on the day and still up near capacity at 99.40% full on Nov 14 according to GIE data and compared to the five year average of 89.3%.
• Average daily natural gas supplies to Europe by Gazprom have fallen 6.7% in H1 November compared to October’s average flows, according to Reuters’ calculations.
• European LNG sendout was steady at 423mcm/d on 14 Nov just below the average of 434mcm/d over the previous week.
• North Asian LNG buyers are looking to resell shipments due to high inventory levels, including buyers from China and Japan, traders told Bloomberg.
• South Korean LNG lifters from US export terminals have begun bypassing the Panama Canal, heading to Asia via Suez, according to Platts.
• Japan imported 5.4m mt in October, up 6.4% on the year, according to Japan’s finance ministry data.