Gas Summary at European Close: TTF Gains Ground

TTF front month has been on the rise today, with support from outages in Norway and curtailed feedgas flows to US LNG export terminals.

• TTF APR 24 up 4.4% at 26€/MWh
• TTF SUM 24 up 4.1% at 26.26€/MWh
• European gas storage was 60.09% full on Mar. 12 according to GIE with withdrawal rates rising to slightly more than normal. The seasonal five-year average is 42.9%.
• Norwegian pipeline supplies to Europe are today nominated up to 338.1mcm/d amid ongoing outages at Karsto, Sleipner and Oseberg this week.
• Gas transit flows through Ukraine are at 42.4mcm/d today.
• German natural gas consumption last week was 14.8% below the 2018-21 average, down by 0.3% on the week, Bnetza data showed.
• European gas prices could fall as low as $6.70/MMBtu or 20.90 €/MWh, according to Montel, citing Wood Mac.
• Shell continues to maintain a long-term contract with Novatek for the purchase of LNG, according to TASS, citing the company’s annual report.
• A recovery in China’s gas consumption is expected in 2024 but demand for spot LNG continues to be very uncertain according to Energy Intelligence.
• Woodside is preparing for the potential impact of a tropical cyclone in Western Australia impacting its LNG operations, according to Kpler.