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Gas Summary at European Close: TTF Finds Support

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Front month TTF has regained ground during the European afternoon, although remains within this week’s range. Higher Norwegian flows and strong seasonal gas storage levels are weighed against lower LNG imports and risks to Austrian gas supplies from Russia.

  • TTF JUN 24 up 1% at 33.89€/MWh
  • TTF Q3 24 up 0.9% at 34.65€/MWh
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 287.90 mcm/d vs 5-day moving avg 280.32 mcm/d according to Gassco.
  • European gas storage was 69% full on May 27 vs the 5-yr seasonal norm of 56% for this time of year according to GIE.
  • European natural gas demand fell to 256TWh in April, down from 278.3TWh in April last year and below the 2019-2021 average of 320.7TWh, Bruegel data showed.
  • LNG flows to Northwest Europe on May 27 were 144.04 mcm/d, 98% lower than the 30 day average. US liquefied natural gas exports are currently more profitable to Asia in July, August and September.
  • Austria, the Czech Republic, Hungary and Slovakia have stepped up pressure on Brussels to push back against Germany over a gas tariff they say goes against European energy security measures.
  • Russia could cope with an EU LNG import ban while it would lead to higher prices for the region according to Russian foreign ministry official Dmitry Birichevsky based on RIA reports.
  • Argentina is scrambling to secure natural gas supplies ahead of Southern Hemisphere winter, as lower temperatures drive up demand, Bloomberg said.
  • MNI Gas Market Weekly: Full piece here:
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Front month TTF has regained ground during the European afternoon, although remains within this week’s range. Higher Norwegian flows and strong seasonal gas storage levels are weighed against lower LNG imports and risks to Austrian gas supplies from Russia.

  • TTF JUN 24 up 1% at 33.89€/MWh
  • TTF Q3 24 up 0.9% at 34.65€/MWh
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 287.90 mcm/d vs 5-day moving avg 280.32 mcm/d according to Gassco.
  • European gas storage was 69% full on May 27 vs the 5-yr seasonal norm of 56% for this time of year according to GIE.
  • European natural gas demand fell to 256TWh in April, down from 278.3TWh in April last year and below the 2019-2021 average of 320.7TWh, Bruegel data showed.
  • LNG flows to Northwest Europe on May 27 were 144.04 mcm/d, 98% lower than the 30 day average. US liquefied natural gas exports are currently more profitable to Asia in July, August and September.
  • Austria, the Czech Republic, Hungary and Slovakia have stepped up pressure on Brussels to push back against Germany over a gas tariff they say goes against European energy security measures.
  • Russia could cope with an EU LNG import ban while it would lead to higher prices for the region according to Russian foreign ministry official Dmitry Birichevsky based on RIA reports.
  • Argentina is scrambling to secure natural gas supplies ahead of Southern Hemisphere winter, as lower temperatures drive up demand, Bloomberg said.
  • MNI Gas Market Weekly: Full piece here: