Gas Summary at European Close: TTF Holding at 7-Month Lows

TTF front month has erased earlier gains to be trading lower, as high stocks and slower withdrawal rates continue to weigh on European natural gas demand.

• TTF MAR 24 down -1.2% at 25.42€/MWh
• TTF SUM 24 down -1.4% at 26.13€/MWh
• The TTF forward curve continues to flatten out with less than $1/mmbtu between the upcoming five European natgas winters according to ICIS.
• European natural gas storage levels are at the previous five year range highs at 67.10% full on Feb 11 according to GIE data compared to the seasonal five year average of 51.8% amid low withdrawal rates.
• Norwegian pipeline supplies to Europe are nominated at 345.6mcm/d compared to an average of 348mcm/d seen in January.
• Sendout reductions at France’s Fos Cavaou and Fos Tonkin LNG terminals will be extended until Thursday Feb 15 due to strike action according to Elengy.
• Global weekly LNG imports declined by 16% to 7.2mn tons as of 5-11 February, according to BNEF.
• LNG delivered ex-ship to northwest Europe in March was the lowest since June 6 at $7.59/mmbtu according to data from Spark Commodities.
• The new 5.5bcm Alexandroupolis LNG import terminal in Greece is set to receive the first commissioning cargo with the arrival of the Gaslog Hong Kong according to ICIS LNG Edge.
• Saudi Aramco is increasing its natural gas capacity by 60% of the next few years, which may allow the producer to start exports, Upstream President Nasir Al-Naimi said, cited by Bloomberg.
• Chesapeake Energy has signed a long-term deal to buy LNG from Delfin and then deliver to Gunvor.