Gas Summary at European Close: TTF Lowest Since June 10

Front month TTF is losing ground, falling to the lowest level since June. 10. Strong storage levels and cooling weather are adding downside.

• TTF AUG 24 down 3.1% at 33.42€/MWh
• TTF Q3 24 up 2.1% at 35.05€/MWh
• Temperatures in NW Europe are forecast slightly below normal in the coming days but expected to rise back above normal into the second week of the outlook.
• Norwegian pipeline supplies to Europe are nominated at 335.7mcm/d with small outages still at Kasto, Troll and Visund according to Gassco.
• Total European stores are up to 76.91% full on June 29 according to GIE compared to the five-year average of 67.1%.
• Freeport’s LNG Train 2 went offline June 29 and was restarted due to a compressor issue.
• European industrial and residential-commercial natural gas demand is likely to decline m/m in July, according to ICIS Gas Foresight.
• Global LNG FID activity remained strong in H1 2024, despite no US projects taking FID amid the regulatory uncertainty following the Biden administration export permitting pause, according to IEA.
• China’s LNG imports fell in June for the first time in over a year according to Kpler vessel tracking.
• Asian LNG spot prices will likely remain rangebound in the next three months, averaging around $10-$12/MMBtu, unless the market faces a significant external shock, Summit Group Chairman Muhammed Aziz Khan told Platts.
• EU sanctions that prohibited transshipment of Russian LNG at European ports could lead to increased volumes arriving in Europe, according to Montel sources.