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Gas Summary at European Close: TTF Falls

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Energy BulletsCommodities

TTF is now down around 5% on the day amid pressure from a forecasted rise in temperatures expected later this week and an easing of concerns over Middle East LNG supplies.

  • TTF MAY 24 down 4.7% at 29.32€/MWh
  • TTF Q3 24 down 4.4% at 29.95€/MWh
  • Colder than normal temperatures are expected in NW and central Europe in the coming days before recovering towards normal or just above from around April 27.
  • Europe is likely to see record high temperatures this summer although with higher rainfall in the north, according to the Copernicus Climate Change Service on April 22 via Montel, leading to higher energy consumption.
  • Norwegian pipeline supplies to Europe are today nominated down to 335.8mcm/d. Planned maintenance outages are expected to increase during this week to a peak of 101mcm/d offline on Apil 27: Gassco.
  • European gas storage was unchanged at 62.06% full on Apr. 20 according to GIE.
  • EU net storage levels have seen little change since April 17 after the strong injections seen in the first half of the month.
  • Gas storage in ‘Europe Perimeter’ (Northwest Europe, Italy and Austria) is expected to hit ‘tank tops’ at the end of September, two weeks earlier than previously forecast: BNEF.
  • The Balticconector is back but flowing southbound into Estonia from Finland.
  • An LNG tanker arrived at Freeport in Texas on Saturday, the first in 11 days: LSEG.
  • TotalEnergies has signed a 10-year sale and purchase agreement with Oman LNG to offtake 0.8mtpa of LNG starting 2025.
  • Egypt exported the first LNG cargo since mid-March despite rising concern for a lack of domestic supplies into the hot summer period.
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TTF is now down around 5% on the day amid pressure from a forecasted rise in temperatures expected later this week and an easing of concerns over Middle East LNG supplies.

  • TTF MAY 24 down 4.7% at 29.32€/MWh
  • TTF Q3 24 down 4.4% at 29.95€/MWh
  • Colder than normal temperatures are expected in NW and central Europe in the coming days before recovering towards normal or just above from around April 27.
  • Europe is likely to see record high temperatures this summer although with higher rainfall in the north, according to the Copernicus Climate Change Service on April 22 via Montel, leading to higher energy consumption.
  • Norwegian pipeline supplies to Europe are today nominated down to 335.8mcm/d. Planned maintenance outages are expected to increase during this week to a peak of 101mcm/d offline on Apil 27: Gassco.
  • European gas storage was unchanged at 62.06% full on Apr. 20 according to GIE.
  • EU net storage levels have seen little change since April 17 after the strong injections seen in the first half of the month.
  • Gas storage in ‘Europe Perimeter’ (Northwest Europe, Italy and Austria) is expected to hit ‘tank tops’ at the end of September, two weeks earlier than previously forecast: BNEF.
  • The Balticconector is back but flowing southbound into Estonia from Finland.
  • An LNG tanker arrived at Freeport in Texas on Saturday, the first in 11 days: LSEG.
  • TotalEnergies has signed a 10-year sale and purchase agreement with Oman LNG to offtake 0.8mtpa of LNG starting 2025.
  • Egypt exported the first LNG cargo since mid-March despite rising concern for a lack of domestic supplies into the hot summer period.