Gas Summary at European Close: TTF Lowest Since March 14

Front month TTF is at its lowest level since March 14, amid milder weather at the start of injection season, steady imports, and a slowing in limited Asian LNG buying activity.

• TTF MAY 24 down 2% at 25.67€/MWh
• TTF SUM 24 up 2% at 27.98€/MWh
• Above normal temperatures are forecast to persist throughout the coming two week forecast across Europe.
• German industrial natural gas demand in March stood 23% below the 2017-2021 average but ticked up by four percentage points on the year: ICIS.
• Norwegian pipeline supplies to Europe are nominated at 341.8mcm/d today.
• European gas storage was at 58.71% full on Apr. 1 according to GIE data.
• LNG buyers in Japan are seeking additional cargoes for delivery in May to July following a flurry of purchases last month according to Bloomberg but the pace of procurement is slowing.
• Total traded volumes in the JKM LNG derivates market on ICE reached the highest since Q3 2021 in Q1.
• Global industrial gas demand shows signs of recovery with preliminary data suggesting an increase of more than 7% (or over 20 bcm) yoy through the 2023/24 heating season in China, India, Europe and the US according to IEA analyst Greg Molnar.
• China's March 2024 LNG imports to China rose to a record for March of 6.8m mt: ICIS
• The Dutch Senate has postponed a vote on a law to permanently close the Groningen has field on 1 October.
• Gazprom has started natural gas injections into its largest underground gas storage facility, the Severo-Stavropolskoye facility.
• The Lubmin LNG terminal halted operations on Wednesday as it prepares for relocation to the LNG terminal in Mukran, at the German island of Ruegen.