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NATGAS: Gas Summary at European Close: TTF Loses Ground

NATGAS
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TTF has pared earlier losses, although front month remains under pressure. Rising LNG imports are helping return storage withdrawals to near normal levels, while temperatures are expected to rise next week. However, low wind output, particularly in Germany, may drive an uptick in gas-fired power generation.

  • TTF FEB 25 down 0.9% at 45.15€/MWh
  • Temperatures in NW Europe are still expected to stay below normal into early next week before rising back to normal or just above during the second week of the outlook.
  • European LNG sendout was up to the highest since mid-December at 403mcm/d on Jan. 7.
  • The unplanned outage of 18.4mcm/d at Hammerfest LNG was yesterday extended until Jan. 19.
  • European gas storage has fallen to 68.83% full on Jan. 6, according to GIE.
  • Norwegian pipeline supplies to Europe are nominated at 320.7mcm/d today, according to Bloomberg.
  • German natural gas consumption in December was 6.2% below the 2018-2021 average at 3,580GWh/d, Bnetza said.
  • As EU gas stocks are now 15 bcm below 2024 levels, pointing to a tighter summer market, the IEA’s Greg Molnar said.
  • The EU Commission and Slovakia’s Robert Fico have issued a joint statement on the natgas situation in Central Europe.
  • Most US LNG cargoes will continue to flow into Europe as the arbitrage economics remain more favorable, Rystad said.
  • Rising LNG prices have driven Asian prices to a premium over oil and favour a switch from gas to oil products for electricity generators and big industrial consumers, according to Bloomberg.
  • India’s LNG imports hit a 2024 low in December, but annual imports rise on-year according to Kpler tracking.
  • India’s new Chhara LNG import facility in Gujarat has received its first shipment, Bloomberg said.
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TTF has pared earlier losses, although front month remains under pressure. Rising LNG imports are helping return storage withdrawals to near normal levels, while temperatures are expected to rise next week. However, low wind output, particularly in Germany, may drive an uptick in gas-fired power generation.

  • TTF FEB 25 down 0.9% at 45.15€/MWh
  • Temperatures in NW Europe are still expected to stay below normal into early next week before rising back to normal or just above during the second week of the outlook.
  • European LNG sendout was up to the highest since mid-December at 403mcm/d on Jan. 7.
  • The unplanned outage of 18.4mcm/d at Hammerfest LNG was yesterday extended until Jan. 19.
  • European gas storage has fallen to 68.83% full on Jan. 6, according to GIE.
  • Norwegian pipeline supplies to Europe are nominated at 320.7mcm/d today, according to Bloomberg.
  • German natural gas consumption in December was 6.2% below the 2018-2021 average at 3,580GWh/d, Bnetza said.
  • As EU gas stocks are now 15 bcm below 2024 levels, pointing to a tighter summer market, the IEA’s Greg Molnar said.
  • The EU Commission and Slovakia’s Robert Fico have issued a joint statement on the natgas situation in Central Europe.
  • Most US LNG cargoes will continue to flow into Europe as the arbitrage economics remain more favorable, Rystad said.
  • Rising LNG prices have driven Asian prices to a premium over oil and favour a switch from gas to oil products for electricity generators and big industrial consumers, according to Bloomberg.
  • India’s LNG imports hit a 2024 low in December, but annual imports rise on-year according to Kpler tracking.
  • India’s new Chhara LNG import facility in Gujarat has received its first shipment, Bloomberg said.