May 21, 2024 15:39 GMT
Gas Summary at European Close: TTF Highest Since April
NATGAS
TTF front month is hovering at its highest level since mid-April, likely supported by higher cooling demand next week and low wind generation in NW Europe. This is in addition to ongoing outages in Norway due to maintenance.
- TTF JUN 24 up 3.7% at 32.94€/MWh
- TTF Q3 24 up 3.6% at 33.71€/MWh
- Norwegian pipeline supplies to Europe are today nominated down at 178.9mcm/d with works today at Troll and Kollsnes.
- Temperatures in NW and central Europe are still forecasts to hold above normal throughout the two-week outlook and into the start of June.
- EU gas sendout from LNG facilities has dropped to a seven-month low as reduced demand and healthy gas injections curtail LNG imports, Platts said.
- Total European gas storage is still near the high end of the seasonal range at 67.15% full on May 19 according to GIE compared to the five-year seasonal average of 53.1%.
- The total estimated quantity of LNG on tankers at sea for at least 20 days fell 7.7% over the last week to 3.45m mt as of May 19: Bloomberg.
- Global LNG imports remained relatively flat in the week to May 19 at 7.44m metric tons, according to BNEF.
- China’s natural gas imports could rise to climb 300bcm and match domestic supply capacity to cover half of total demand, according to CNPC’s Economics and Technology Research Institute cited by Bloomberg.
- A moratorium on new US LNG export projects could create opportunities for producers in the Middle East and Russia, Woodside’s CEO Meg O’Neill said, cited by Reuters.
- The global LNG trade now make up around 54% of the global gas trade, according to CEDIGAZ.
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