Gas Summary at European Close: TTF Hits Eight-Month High

TTF front month regained ground in the afternoon after briefly dipping, to reach its highest close since early February. Geopolitical tensions and the halt to Israel’s Tamar gas field, the potentially sabotaged Baltic pipeline leak, and Australia LNG strike risks are providing upside.

• TTF NOV 23 up 4.2% at 55.25€/MWh
• TTF Q1 24 up 4.5% at 58.83€/MWh
• Mediation between Chevron and the unions made progress again on Friday, but a union official said that talks are set to continue on Monday according to Reuters.
• Norwegian pipeline supplies to Europe are today nominated up to 326.3 mcm/d.
• European natural gas storage is up to 97.34% full on 10 Oct according to GIE data compared to the five year average of 89.26% amid near normal injection rates in the last week.
• Pakistan is discussing both the possibility of oil imports from Russia as well as LNG at present according to Pakistan's interim federal energy minister Muhammad Ali based on Interfax reports.
• The Finnish government will tighten access to key parts of the country’s Inkoo port, the location of an FSRU vessel for LNG imports, according to Reuters.
• Speculation of sabotage to the Balticconnector gas pipeline is increasing concern for energy infrastructure security again after concerns were raised following the Nord Stream damage in September 2022
• US exports of LNG are more profitable to Europe in November, while Asia is the premium market in December and January, according to BNEF.
• France Energy minister Agnes Pannier-Runacher this week said new measures have been introduced aimed at cutting power demand according to Montel.
• No gas has been found following offshore drilling at Lebanon’s block 9, according to Reuters’ sources.