Gas Summary at European Close: TTF Lowest Since May 17

TTF is down today to its lowest level since May 17. Stable fundamentals, a restocking of gas storage, and little sign of impact to US LNG from Hurricane Beryl are adding downside.

• TTF AUG 24 down 3.2% at 31.25€/MWh
• Norwegian nominated flows to the UK and Northwest Europe terminals at 331.60 mcm/d vs 5-day moving avg 330.46 mcm/d according to Gassco.
• Gas flows to the Freeport LNG export facility in Texas were revised lower to 0.02 bcf/day on Tuesday.
• Uniper's LNG Rosenrot is waiting outside the US Freeport LNG terminal after Hurricane Beryl swept through Texas July 8, ICIS said.
• European gas storage was 79% full on July 7 vs the 5-yr seasonal norm of 70% for this time of year according to GIE.
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days fell 8.9% over the last week, Bloomberg said.
• Austria will form a committee to examine the long-term gas supply contract between OMV and Gazprom, including the political situation when the contract was extended until 2040 back in 2018.
• Russian exports of LNG to European countries – excluding Turkey – totalled 2m mt (2.7 bcm) in June, up 23% on the month and the highest since December, Montel said.
• South Korea’s POSCO said on Tuesday that it has completed construction of the country’s first LNG terminal on the southern coast.
• North Asia’s LNG prices are set to decline as traders continue to offer cargoes for August delivery, according to Bloomberg.
• The latest EU sanctions on Russia signals the importance of LNG for Europe, Europe, Takashi Uchida, chairman of the JGA said July 9.
• Shell has decided to proceed further with the development of the Manatee gas field in Trinidad, Reuters said.