Gas Summary at European Close: TTF Holds Gains Amid Supply Concern

TTF holds gains from this morning driven by LNG supply uncertainty, Norwegian outages, and cooler weather from mid May, and despite indications of no extended outages at Cheniere’s US LNG export terminals this summer.

• TTF JUN 24 up 4.2% at 31.81€/MWh
• TTF Q3 24 up 3.6% at 32.22€/MWh
• TTF WIN 24 up 2.6% at 36.67€/MWh
• US Natgas JUN 24 up 4.3% at 2.23$/mmbtu
• A production train at Australia’s Gorgon LNG export facility is expected to remain offline for about five weeks after disruption due to a mechanical fault last week and could add to LNG competition from Asia.
• Cheniere does not expect extended outages at its Sabine Pass and Corpus Christi LNG terminals in Texas and Louisiana this summer with a less extensive maintenance program than last year.
• Feedgas flows up to 1.27bcf/d and power draw data to Freeport LNG suggests two production trains are now online.
• Norwegian pipeline supplies to Europe are today at 294.9mcm/d with Gassco showing field and processing plant outages of 42mcm/d today rising to 70mcm/d on May 9.
• Temperatures in NW Europe are expected to hold above normal through the coming week but could see slightly cooler weather from the middle of the month.
• Denmark's Tyra natural gas field requires repairs to a power transformer and will only reach peak production in Q4 instead of mid-year.