Gas Summary at European Close: TTF Falls

Front month TTF is maintaining a bearish trend in place since October. Downside pressure has returned amid warmer temperatures in Europe next week and above average gas storage levels.

• TTF FEB 24 down -1.6% at 29.44€/MWh
• Wires reporting that according to three maritime sources, the Maltese-flagged dry bulker Zografia has been hit by a missile in the Red Sea, around 100NM north-west of the Yemeni town of Saleef, sustaining minor damage.
• Four Qatari LNG tankers have resumed transit after pausing for several days amid ongoing Houthi attacks on vessels in the Red Sea.
• Two Russian LNG tankers have been diverted away from the Red Sea on late Monday after waiting at the northern entrance of the Suez Canal according to Bloomberg ship tracking.
• Norwegian pipeline supplies to Europe are nominated up to 348.3mcm/d today after small unplanned outages yesterday.
• Russia’s gas supply to Europe in H1 Jan has fallen 6.5% compared to whole month December’s average, according to Reuters.
• European natural gas storage was down to 79.14% full on Jan 14 according to GIE data compared to the seasonal five year average of 67.8%.
• The European Union expects EU gas inventories at 54% full at the end of March, under the conditions that member states reduce natural gas demand by 15% according to a presentation.
• Chinese LNG consumption is expected to grow by 7% this year, compared with 14% last year according to BNEF.
• The Houston Ship Channel remains closed for vessel movements Tuesday due to freezing weather according to a Moran Shipping notice.
• Indonesia is planning to produce around 250 LNG cargoes in 2024, compared with 213 cargoes in 2023.