Gas Summary at European Close: TTF Highest Since Feb. 5

Front month TTF is on track for its highest close since Feb. 5 amid forecasts of colder weather and supply disruptions from Norway and the US

• TTF APR 24 up 6.3% at 28.72€/MWh
• TTF SUM 24 up 5.7% at 28.77€/MWh
• Weather in NW Europe is above normal this week but expected to cool back below normal over the coming weekend.
• European gas storage net withdrawal rates fell as low as 600GWh/d at the end of last week according to GIE.
• Norwegian pipeline supplies to Europe are today nominated down at 329mcm/d. 7.5mcm/d.
• Eni will deliver the first LNG cargo from the Congo LNG terminal into the Piombino terminal in Italy on 6 April, ICIS said.
• Ukraine said Sunday it has no plans to prolong or renew a five-year deal with Russia’s Gazprom to transit its gas to Europe.
• Venture Global is purchasing nine LNG carriers with the first two ships expected to be delivered in June, the firm’s CEO Mike Sabel said.
• Adnoc has signed an agreement with SEFE to deliver 1mtpa of LNG for the duration of 15 year according to a statement.
• India’s LNG imports via long-term contracts and spot purchases rose 33.3% in February y/y to about 2.4bcm, or 1.8m tonnes,
• Glenfarne has signed a Head of Agreement with Gunvor to supply 0.5mtpa of LNG from the Texas LNG project for the duration of 20 years, according to Businesswire.
• Shell’s CEO Wael Sawan is not worried about a glut of LNG as there is a lot of latent demand in the market, he said during CERA week.