Gas Summary at European Close: TTF Loses Ground

TFF front month has pulled back today after hitting its highest level since early June on Aug. 2. Muted demand and healthy storage remain set against potential supply disruptions.

• TTF SEP 24 down 2.8% at 35.64€/MWh
• Temperatures in NW Europe are forecast slightly above normal this week before cooling back to near normal during the second week of the outlook.
• Norwegian pipeline supplies to Europe have risen to the highest since January at 351.7mcm/d today.
• European gas in store is slowly gaining towards the prewinter target and up to 85.7% full on Aug 3 according to GIE compared to the five-year average of 77.1%.
• Recommendations for Woodside Energy Browse gas project will be released in 2025 according to the regulator, responding to media reports over the weekend it may be rejected.
• Petronas has asked some lifters of LNG from Malaysia’s LNG Tiga to defer some loadings from the Bintulu terminal in August by more than a week, sources told Platts.
• LNG tanker crossings through the Panama Canal have increased in recent months, but remain below high levels seen last year, according to ICIS.
• Russia’s Sakhalin-2 LNG plant has fully resumed LNG output after maintenance according to the plant’s operator on Monday.
• An LNG tanker docked at the sanctioned Arctic LNG 2 export plant has no know insurer, is managed by a little know Indian company, and is pretending to be from somewhere else, Bloomberg said.
• Portugal’s Galp has increased its access to US LNG volumes by signing a SPA with Cheniere Marketing.
• Serbia and Romania have signed a memorandum of understanding to develop a 99-kilometer, two-way gas pipeline from Serbia’s eastern town of Mokrin to BRUA pipe in Romania.