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Gas Summary at European Close: TTF Lowest Since April 10

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TTF has fallen to its lowest level since April 10, amid continued tepid demand and steady supplies to the region. This is despite Norwegian outages due to maintenance.

  • TTF MAY 24 down 3.1% at 27.99€/MWh
  • TTF Q3 24 down 3% at 28.63€/MWh
  • Norwegian pipeline supplies to Europe are today nominated at 269.1mcm/d with field and processing plant capacity outages totalling 101.7mcm/d today according to Gassco data.
  • Temperatures in NW and central Europe are forecast above normal throughout the coming two weeks although could dip slightly from the highs expected early this week.
  • GIE data shows total European gas storage levels are now 61.61% full compared to the five-year average of 46.2%.
  • Freeport LNG restarted one liquefaction train over the weekend according to Bloomberg sources as feedgas to the facility rose to the highest since April 9.
  • The CEOs of Italian TSO Snam and utility Edson consider the short-term gas price outlook for Europe “calm”, but warn the market remains fragile, Montel said.
  • Russia is expected to miss its ambitious LNG production target to commission 100m mt by 2030 by as much as 60m mt: Rystad Energy.
  • Belgium is looking for EU countries to ban transhipments of Russian LNG at European ports according to Montel.
  • Greece imported no LNG in April for the first time in 5-years as prices become uneconomical.
  • Turkey is in talks with ExxonMobil for a multibillion-dollar LNG deal to help cut dependence on Russian energy: Reuters citing the FT.
  • BP agreed a an 11-year LNG sale and purchase agreement with Korea Gas for 9.8m mt.
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TTF has fallen to its lowest level since April 10, amid continued tepid demand and steady supplies to the region. This is despite Norwegian outages due to maintenance.

  • TTF MAY 24 down 3.1% at 27.99€/MWh
  • TTF Q3 24 down 3% at 28.63€/MWh
  • Norwegian pipeline supplies to Europe are today nominated at 269.1mcm/d with field and processing plant capacity outages totalling 101.7mcm/d today according to Gassco data.
  • Temperatures in NW and central Europe are forecast above normal throughout the coming two weeks although could dip slightly from the highs expected early this week.
  • GIE data shows total European gas storage levels are now 61.61% full compared to the five-year average of 46.2%.
  • Freeport LNG restarted one liquefaction train over the weekend according to Bloomberg sources as feedgas to the facility rose to the highest since April 9.
  • The CEOs of Italian TSO Snam and utility Edson consider the short-term gas price outlook for Europe “calm”, but warn the market remains fragile, Montel said.
  • Russia is expected to miss its ambitious LNG production target to commission 100m mt by 2030 by as much as 60m mt: Rystad Energy.
  • Belgium is looking for EU countries to ban transhipments of Russian LNG at European ports according to Montel.
  • Greece imported no LNG in April for the first time in 5-years as prices become uneconomical.
  • Turkey is in talks with ExxonMobil for a multibillion-dollar LNG deal to help cut dependence on Russian energy: Reuters citing the FT.
  • BP agreed a an 11-year LNG sale and purchase agreement with Korea Gas for 9.8m mt.