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Gas Summary at European Close: TTF Falls

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Energy BulletsCommodities

TTF has furthered its fall on the day amid continued muted demand, high storage, and steady LNG supply which are countering geopolitical risks and ongoing Norwegian maintenance.

  • TTF JUN 24 down 1.6% at 28.65€/MWh
  • TTF Q3 24 down 1.4% at 29.3€/MWh
  • Norwegian pipeline supplies to Europe have increased today with the nomination up to 281.7mcm/d although an unplanned outage at Dvalin is adding to planned seasonal works. Outages due to planned maintenance are expected to range between 48.5mcm/d and 72.8mcm/d until May 9.
  • Temperatures across Europe are expected to remain above normal in the coming week although could edge back towards normal in the second week of the outlook.
  • Total European gas storage is up to 62.1% full on April 29 according to GIE with the return on net gas injections this week. The five-year seasonal average is 46.7% full.
  • Europe imported 8.6mt of LNG in April, up from 8.1mt in March according to ICIS figures but down from year ago levels of 11.8mt.
  • The EU gas market could still be tight this winter before more comfortable supplies from 2025 due to new LNG production, said Alex Froley from ICIS via Montel.
  • The vessel Wilforce has left the Freeport LNG export plant in Texas, as gas supplying the three-train plant rises over the past week.
  • US LNG exports fell for a fourth consecutive month to 6.19m mt in April, compared to 7.612m mt in March, according to Reuters citing LSEG data.
  • MNI COMMODITY WEEKLY: Mexican Fuel Ambitions a Blow for US Refiners. See link for full pdf: https://roar-assets-auto.rbl.ms/files/62416/MNI%20Commodity%20Weekly%20-%20Mexican%20Fuel%20Ambitions%20a%20Blow%20for%20US%20Refiners.pdf
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TTF has furthered its fall on the day amid continued muted demand, high storage, and steady LNG supply which are countering geopolitical risks and ongoing Norwegian maintenance.

  • TTF JUN 24 down 1.6% at 28.65€/MWh
  • TTF Q3 24 down 1.4% at 29.3€/MWh
  • Norwegian pipeline supplies to Europe have increased today with the nomination up to 281.7mcm/d although an unplanned outage at Dvalin is adding to planned seasonal works. Outages due to planned maintenance are expected to range between 48.5mcm/d and 72.8mcm/d until May 9.
  • Temperatures across Europe are expected to remain above normal in the coming week although could edge back towards normal in the second week of the outlook.
  • Total European gas storage is up to 62.1% full on April 29 according to GIE with the return on net gas injections this week. The five-year seasonal average is 46.7% full.
  • Europe imported 8.6mt of LNG in April, up from 8.1mt in March according to ICIS figures but down from year ago levels of 11.8mt.
  • The EU gas market could still be tight this winter before more comfortable supplies from 2025 due to new LNG production, said Alex Froley from ICIS via Montel.
  • The vessel Wilforce has left the Freeport LNG export plant in Texas, as gas supplying the three-train plant rises over the past week.
  • US LNG exports fell for a fourth consecutive month to 6.19m mt in April, compared to 7.612m mt in March, according to Reuters citing LSEG data.
  • MNI COMMODITY WEEKLY: Mexican Fuel Ambitions a Blow for US Refiners. See link for full pdf: https://roar-assets-auto.rbl.ms/files/62416/MNI%20Commodity%20Weekly%20-%20Mexican%20Fuel%20Ambitions%20a%20Blow%20for%20US%20Refiners.pdf