Gas Summary at European Close: TTF Falls

TTF is headed for European close trading lower, with expectations of milder weather and a more positive outlook for US LNG exports putting pressure on prices.

• TTF JUN 24 down 2.9% at 30.88€/MWh
• TTF Q3 24 down 2.7% at 31.39€/MWh
• Norwegian pipeline supplies to Europe are today nominated at 294.1mcm/d with works at Kollsnes, Troll and Visund today.
• Net European gas storage injections are up to 63.61% full on May 5 according to GIE with net injection rates just below normal levels. The five year seasonal average is 48.6% full.
• Temperatures in NW Europe are expected to hold above normal but could cool beyond a peak around May 12.
• The EU is proposing sanctions against 11 Russian vessels as it works on the 14th sanctions package since the invasion of Ukraine.
• LNG imports into Europe and Turkey fell nearly 19% last week to the second lowest since September 2023 at 2.3bcm according to Kpler data, cited by Montel.
• Turkey is readying itself for an increase in LNG demand and is working to supply surplus gas from Russia and Azerbaijan to the European market
• Spot LNG prices in Asia are boosted by early summer heat in South and Southeast Asian countries, raising power demand and consumption of generation fuels.
• Gorgon LNG facility in Australia is delaying some shipments to Asian buyers because of an outage according to Bloomberg sources.
• Asian LNG importers are negotiating to reduce oil-linked price lopes on long-term LNG contracts amid expectations of a gradual shift towards a buyers’ market, Platts said.
• The 170,000cbm Hoegh Galleon LNG FSRU has been transiting Southeast Asia in recent weeks as it heads towards Egypt.
• The Neptune FSRU has left Germany's Lubmin port, ending the LNG import facility there according to ICIS.