Gas Summary at European Close: TTF Finds Support

TTF has reversed previous losses to be up day-on-day, although has not managed to recoup a significant proportion of yesterday’s fall. Overall fundamentals remain stable, with declining supply risks, milder weather, and strong storage levels.

• TTF AUG 24 up 0.8% at 33.74€/MWh
• TTF Q3 24 up 2.1% at 35.05€/MWh
• Temperatures in NW and central Europe are forecast to slowly increase over the coming week.
• Norwegian pipeline supplies to Europe are nominated at 335.6mcm/d amid ongoing outages this week at Kasto, Troll and Visund according to Gassco.
• Total European stores are up to 77.39% full on June 30 according to GIE.
• Global LNG imports rose 16% in the week to June 30 to 7.86m metric tons, according to BNEF.
• Russia’s LNG exports rose 2.7% in H1 of 2024 to 16.79 million metric tons according to Kommersant.
• A federal judge has blocked Biden’s administration from continuing to pause the approval on applications to export LNG on Monday.
• The LNG market is set for an oversupply from 2027 with demand growth, according to BNEF.
• The Sakhalin-2 LNG plant began planned maintenance in late June and will be offline until at least the end of July: Bloomberg.
• Russian gas supplies via the TurkStream pipeline to Southeast Europe fell to an average of 37 mcm/d in June after planned maintenance cut flows to zero for five days, Platts said.
• China's LNG imports fell to 5.9m tonnes in June 2024 from 6.3m tonnes in June 2023, according to ICIS.
• Egypt’s Hoegh Galleon FSRU has received its first LNG cargo since arriving.
• Initial data indicates that June showed another record for LNG cargoes transiting through the Cape of Good Hope shipping route.