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Gas Summary at European Close: TTF Falls

NATGAS
Energy BulletsCommodities

TTF front month is continuing its reversal from a peak of nearly 34€/MWh last week. An easing in the geopolitical risk premium following no further escalation in Israel-Iran tensions is providing downside.

  • TTF MAY 24 down 2.8% at 28.5€/MWh
  • TTF Q3 24 down 2.7% at 29.16€/MWh
  • Norwegian pipeline supplies to Europe are today nominated down to 330.1mcm/d. Supply could fall further in the coming days with the start of more planned seasonal maintenance.
  • The Hammerfest LNG plant in Arctic Norway will be offline until Friday at least according to operator Equinor.
  • European gas storage has remained almost unchanged since April 16 and at 62.12% full on Apr. 21 according to GIE
  • Ukraine does not plan to renew any interconnector agreement allowing Russian gas transits via Ukraine to Europe, said Andrii Prokofiev from the Gas TSO of Ukraine.
  • The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days fell by 7.3% over the last week to 3.42m tons as of April 21, according to Bloomberg.
  • Shell Plc, TotalEnergies SE and Mitsui & Co. are in talks to buy stakes in the Adnoc Ruwais LNG export project in the UAE, according to Bloomberg.
  • Azerbaijan in talks to supply natural gas to Croatia with consultations on how to deliver the gas already started, according to President Ilham Aliyev.
  • The EU expects Azerbaijan to increase natural gas production and boost flows to Europe, but is not willing to finance such projects, according to Azerbaijan’s President Ilham Aliyev, cited by Bloomberg.
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TTF front month is continuing its reversal from a peak of nearly 34€/MWh last week. An easing in the geopolitical risk premium following no further escalation in Israel-Iran tensions is providing downside.

  • TTF MAY 24 down 2.8% at 28.5€/MWh
  • TTF Q3 24 down 2.7% at 29.16€/MWh
  • Norwegian pipeline supplies to Europe are today nominated down to 330.1mcm/d. Supply could fall further in the coming days with the start of more planned seasonal maintenance.
  • The Hammerfest LNG plant in Arctic Norway will be offline until Friday at least according to operator Equinor.
  • European gas storage has remained almost unchanged since April 16 and at 62.12% full on Apr. 21 according to GIE
  • Ukraine does not plan to renew any interconnector agreement allowing Russian gas transits via Ukraine to Europe, said Andrii Prokofiev from the Gas TSO of Ukraine.
  • The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days fell by 7.3% over the last week to 3.42m tons as of April 21, according to Bloomberg.
  • Shell Plc, TotalEnergies SE and Mitsui & Co. are in talks to buy stakes in the Adnoc Ruwais LNG export project in the UAE, according to Bloomberg.
  • Azerbaijan in talks to supply natural gas to Croatia with consultations on how to deliver the gas already started, according to President Ilham Aliyev.
  • The EU expects Azerbaijan to increase natural gas production and boost flows to Europe, but is not willing to finance such projects, according to Azerbaijan’s President Ilham Aliyev, cited by Bloomberg.