Gas Summary at European Close: TTF Lags Direction

TTF is lagging direction today to trade between €43.25-45.50/MWh as easing supply concerns following confirmation of an Israeli/Hamas temporary ceasefire as part of a deal to free hostages and the planned resumption in Egypt’s LNG exports are weighed against forecasts for colder weather in NW Europe.

• TTF DEC 23 up 1.4% at 44.68€/MWh
• TTF Q1 24 up 1% at 45.8€/MWh
• Egypt is expected to resume LNG exports following the delay due to disrupted gas supplies from Israel.
• Temperatures in NW and central Europe are forecast to fall below normal into the coming weekend and then expected to remain below throughout the remaining two week period.
• European LNG sendout was back up to 415mcm/d from down at around 380mcm/d in the previous couple of days but is still below flows of approximately 450mcm/d seen this time last year.
• Norwegian pipeline supply to Europe has edged higher again up to 354mcm/d today with Gassco showing no planned field or processing plant outages this week.
• European natural gas storage has edged lower after small withdrawals on the day to 98.88% full on Nov 20 according to GIE data and still well above the seasonal five year range.
• Chevron’s Gorgon LNG facility in Western Australia has returned to full production according to the company.
• LNG stockpiles held by major Japanese power utilities increased by 3.32% to 2.49 million tons on Nov 19 according to trade ministry data to extend the gains seen since September.
• State-owned Korea Gas Corp. plans to rely on short-term deals or spot purchases to meet supply needs amid high prices according to Bloomberg citing the energy ministry.
• A MoU has been agreed between Nigeria’s Riverside LNG and Germany’s Johannes Schuetze Energy Import on a gas-export partnership.