Gas Summary at European Close: TTF Finds Support

TTF has found support during the European afternoon session, as outages in Norway over the weekend and continued competition from Asia for LNG cargoes offset the restart at Australia’s Wheatstone LNG.

• TTF JUL 24 up 1.4% at 34.4€/MWh
• TTF Q3 24 up 1.3% at 34.94€/MWh
• Chevron has restarted full LNG production and domestic gas supplies at the Wheatstone gas facility, according to a statement on Jun 23. Hammerfest LNG however halted after an unexpected outage due to a sudden loss of power and is expected offline until 21:00CET.
• The EU will place sanctions on 27 vessels, including 19 oil and LNG tankers, as part of the 14th package of sanctions against Russia., according to Reuters sources.
• Above normal temperatures across Europe in the coming week are forecast to drift back to near normal levels into the start of July.
• Norwegian pipeline supplies to Europe are today nominated at 322.9mcm/d amid outages at Visund, Karsto, Troll and Dvalin, according to Gassco.
• Total European stores are up to 75.05% full on June 22 according to GIE compared to the five-year seasonal average of 64.9%.
• EU gas market volatility is expected to persist at least until 2026-27, according to Cristian Signoretto, president of Eurogas, cited by Montel.
• Asian LNG imports are expected to dip slightly m/m in June to 23.18m mt but with support from strong imports from India, according to Reuters.
• Russia’s Novatek sent its first cargo of LNG to Asia via the Arctic Northern Sea route, according to Kommersant, cited by Reuters.
• Mexico is facing challenges from regulatory issues and delays as it aims to become a major exporter of natural gas, according to Energy Intelligence.