Gas Summary at European Close: TTF Finding Support

TTF is trading higher today and is on track for a weekly net increase of around 2.6%. The gains are driven by Norwegian outages and increased LNG appetite in Asia. Upside remains limited on bearish short-term fundamentals, however.

• TTF APR 24 up 1.8% at 26.46€/MWh
• TTF SUM 24 up 1.4% at 26.7€/MWh
• Above normal temperatures are still expected across Europe in the coming two week forecast with temperatures in NW Europe gradually rising through the middle of the month.
• European gas storage was 61.30% full on Mar. 6 according to GIE data and compared to the seasonal five year average of 44.2% full. Withdrawal rates have edged higher this week back to near normal levels.
• Norwegian pipeline supplies to Europe are today nominated at 343.5mcm/d in line with the average so far in March. Flows could dip lower during the coming week amid planned outages of up to 29.6mcm/d on Mar. 13.
• Norway's Arctic Princess LNG vessel is diverting back to the Baltics after it initially headed to Barcelona for 8 March arrival, ICIS LNG Edge data showed.
• Europe’s energy crisis “has abated” with German gas inventories ending winter two-thirds full and injections possible next week according to Eurasia Group via Montel.
• Delfin Midstream is seeking a five-year extension for its LNG export authorizations from the US DOE for its floating LNG export project in the Gulf according to LNG Prime.