January 02, 2025 17:09 GMT
Gas Summary at European Close: TTF Gaining Ground
NATGAS
TTF remains on an upward trajectory following the suspension of Russian gas flows via Ukraine. Prices have also been supported by an outage at Norway's Hammerfest LNG until Jan. 9.
- TTF FEB 25 up 2.8% at 50.27€/MWh
- TTF Q1 25 down 0.3% at 47.73€/MWh
- Temperatures in NW Europe are forecast to briefly rise back above normal over the coming weekend before dropping again and staying below normal through mid-Jan.
- Above normal storage withdrawal rates have driven European gas stores down to 72.16% full on Dec. 31, according to GIE.
- Norwegian pipeline supplies to Europe are 339.9mcm/d today, according to Bloomberg.
- Norway’s Hammerfest LNG plant went offline Jan. 2 due to a compressor failure, Gassco said in a remit notice cited by Bloomberg.
- Germany built out its LNG import capacity for “good reason”, the head of the country’s regulator said Jan. 1, following the end of Russian gas transits via Ukraine, Platts reported.
- Global LNG supplies could increase from 2% in 2023 to 4% in 2025, according to ICIS.
- The Pioneer LNG vessel is idling at the Russian port of Nakhodka as the country continues to struggle to find buyers for LNG from Arctic LNG 2 amid western sanctions.
- Germany's DET, announced Jan. 2 that it had sold all the capacity auctioned for Jan, Feb, and March at the Wilhelmshaven and Brunsbüttel terminals .
- BP announced on Jan. 2 that it started flowing gas from the Greater Tortue Ahmeyim (GTA) project offshore Mauritania and Senegal into its FPSO ship, Platts reported.
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