Gas Summary at European Close: TTF Heads for Gains

TTF has been on a u-shape path during the day. After relinquishing earlier gains, it has rebounded during the European afternoon to be up strongly on the day. Weaker LNG prices have sparked some buying interest for cargoes, while flows from Norway remain disrupted by maintenance.

• TTF MAY 24 up 2.8% at 29.2€/MWh
• TTF Q3 24 up 2.8% at 29.9€/MWh
• Temperatures in NW and central Europe are expected to warm in the coming days and back above normal from April 28.
• Norwegian pipeline supplies to Europe are today nominated down to 315.4mcm/d with planned outages at Aasta Hansteen and Nyhamna adding to maintenance at Dvalin and Karsto. Planned maintenance capacity reductions are expected to peak at 101.7mcm/d on April 27.
• The gas leak at Norway’s Hammerfest LNG plant that caused an evacuation this week has been repaired according to Equinor but will remain shut until 1000 GMT Friday as initially communicated.
• European gas storage has remained almost unchanged since April 16 with GIE data showing a net withdrawal on Apr. 22 talking stocks to 62.01% full.
• Egypt has halted all LNG exports from May onwards to meet is domestic needs according to local media reports.
• There was a steep reduction in LNG export capacity from Egypt in Q1, Cristian Signoretto, ENI said.
• LNG stockpiles held by Japanese utilities jumped sharply by 26.5% on the week to 2.05m mt April 21, according to data released by the trade ministry.
• Hindustan Petroleum Corp Ltd.’s Chhara LNG import terminal has been delayed to September or October due to technical issues, Bloomberg said.
• Gail India is due to halt imports of LNG to its Dabhol LNG terminal on the west coast from May 15 ahead of the monsoon season, according to Bloomberg.