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Gas Summary at European Close: TTF Falls

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TTF has erased earlier gains to be trading lower today as stable fundamentals and the gradual restocking of gas storage is offsetting any potential LNG supply concerns due to Hurricane Beryl.

  • TTF AUG 24 down 2.6% at 32.2€/MWh
  • Temperatures in NW Europe are forecast to generally hold above normal in the coming two weeks.
  • Norwegian pipeline supplies to Europe are nominated up to 341.7mcm/d with Gassco showing outages down to just 26mcm/d today.
  • European gas storage injections are holding just below normal as total stores gradually rise up to 78.8% full on July 6 according to GIE.
  • European natural gas storage is still on track to reach EU target levels well before the start of the coming heating season with stores in Portugal and Spain already over the 90% level
  • Freeport LNG has safely ramped down production at its liquefaction facility as a preventive measure for Storm Beryl it said via email to Bloomberg.
  • Global LNG supply dropped by around 0.5% yoy in Q2 2024, tightened market fundamentals and provided upward price pressure in Europe and Asia, but a ramp up of new projects should provide relief in H2 2024, according to IEA analyst Greg Molnar.
  • The LNG send-out from France’s Montoir LNG terminal has been delayed by two weeks according to the operator Elengy.
  • Bangladesh's Summit LNG FSRU is due to arrive at Chittagong port on July 11, according to a Petrobangla official.
  • Japan’s power utilities could look for additional LNG cargoes to meet demand for prompt delivery after a heatwave hit the country earlier than usual.
  • ADNOC has earmarked a 40% stake in its Ruwais LNG project to Shell, TotalEnergies, BP, and Mitsui.
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TTF has erased earlier gains to be trading lower today as stable fundamentals and the gradual restocking of gas storage is offsetting any potential LNG supply concerns due to Hurricane Beryl.

  • TTF AUG 24 down 2.6% at 32.2€/MWh
  • Temperatures in NW Europe are forecast to generally hold above normal in the coming two weeks.
  • Norwegian pipeline supplies to Europe are nominated up to 341.7mcm/d with Gassco showing outages down to just 26mcm/d today.
  • European gas storage injections are holding just below normal as total stores gradually rise up to 78.8% full on July 6 according to GIE.
  • European natural gas storage is still on track to reach EU target levels well before the start of the coming heating season with stores in Portugal and Spain already over the 90% level
  • Freeport LNG has safely ramped down production at its liquefaction facility as a preventive measure for Storm Beryl it said via email to Bloomberg.
  • Global LNG supply dropped by around 0.5% yoy in Q2 2024, tightened market fundamentals and provided upward price pressure in Europe and Asia, but a ramp up of new projects should provide relief in H2 2024, according to IEA analyst Greg Molnar.
  • The LNG send-out from France’s Montoir LNG terminal has been delayed by two weeks according to the operator Elengy.
  • Bangladesh's Summit LNG FSRU is due to arrive at Chittagong port on July 11, according to a Petrobangla official.
  • Japan’s power utilities could look for additional LNG cargoes to meet demand for prompt delivery after a heatwave hit the country earlier than usual.
  • ADNOC has earmarked a 40% stake in its Ruwais LNG project to Shell, TotalEnergies, BP, and Mitsui.