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Gas Summary at European Close: TTF Gains Ground

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TTF front month is headed for European close trading lower, having held gains during the afternoon. Easing concerns over Norwegian supplies and high stock levels are weighing against rising competition for LNG cargoes with Asia.

  • TTF JUL 24 down 0.3% at 33.25€/MWh
  • TTF Q3 24 down 0.3% at 33.63€/MWh
  • Norwegian pipeline supplies to Europe are today nominated at 273.4mcm/d but is expected to increase from tomorrow with the expected return of Nyhamna from unplanned outage. The Nyhamna capacity reduction will reduce from 79.8mcm/d to 44.8mcm/d tomorrow, according to Gassco.
  • Temperatures in NW Europe are expected to remain cool and fall below normal into next week before seeing a potential recovery back to normal in mid-June.
  • Total European gas storage was up to 70.73% full on June 4 according to GIE compared to the five-year seasonal average of 59.0% amid below normal net injection rates.
  • Hungary has no plans to move away from Russian gas and is pleased with the current cooperation between the two nations according to Hungarian Foreign Minister Peter Szijjarto Thursday.
  • Indian Oil Corp. is in talks with LNG suppliers for long-term contracts although is waiting for policy guidance from the government, according to Bloomberg.
  • Brazil’s Guanabara Bay regasification terminal is set to receive its first LNG cargo in nearly five months on June 6 according to Platts vessel tracking.
  • Feedgas requirement for the forthcoming LNG wave and a gas demand surge from data centres/AI and crypto mining on the margin were a focus of US earnings calls, according to IEA analyst Greg Molnar.
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TTF front month is headed for European close trading lower, having held gains during the afternoon. Easing concerns over Norwegian supplies and high stock levels are weighing against rising competition for LNG cargoes with Asia.

  • TTF JUL 24 down 0.3% at 33.25€/MWh
  • TTF Q3 24 down 0.3% at 33.63€/MWh
  • Norwegian pipeline supplies to Europe are today nominated at 273.4mcm/d but is expected to increase from tomorrow with the expected return of Nyhamna from unplanned outage. The Nyhamna capacity reduction will reduce from 79.8mcm/d to 44.8mcm/d tomorrow, according to Gassco.
  • Temperatures in NW Europe are expected to remain cool and fall below normal into next week before seeing a potential recovery back to normal in mid-June.
  • Total European gas storage was up to 70.73% full on June 4 according to GIE compared to the five-year seasonal average of 59.0% amid below normal net injection rates.
  • Hungary has no plans to move away from Russian gas and is pleased with the current cooperation between the two nations according to Hungarian Foreign Minister Peter Szijjarto Thursday.
  • Indian Oil Corp. is in talks with LNG suppliers for long-term contracts although is waiting for policy guidance from the government, according to Bloomberg.
  • Brazil’s Guanabara Bay regasification terminal is set to receive its first LNG cargo in nearly five months on June 6 according to Platts vessel tracking.
  • Feedgas requirement for the forthcoming LNG wave and a gas demand surge from data centres/AI and crypto mining on the margin were a focus of US earnings calls, according to IEA analyst Greg Molnar.