Gas Summary at European Close: TTF Maintains Downward Trajectory

Front month TTF is sliding to a new 7-month low as high stocks, ample supply, and low demand due to mild weather continue to put pressure on prices.

• TTF MAR 24 down -2.5% at 24.8€/MWh
• TTF SUM 24 down -2.5% at 25.48€/MWh
• The latest weather forecast still shows warm temperatures this week.
• France’s natural gas consumption fell to the lowest level in six weeks to 9.4TWh in the week to 11 February.
• European natural gas storage levels are at the previous five year range highs at 66.58% full on Feb 12 according to GIE data.
• The LNG tanker Arctic Aurora is arriving at Inkoo, Finland on 14 February, a day late after strong winds caused delays according to ICIS.
• The Biden Administration pause on approvals of new LNG export projects will not have an impact on US LNG supplies to Europe in the next two or three years according to a EC’s Executive VP Maros Sefcovic.
• Global LNG demand is expected to continue to grow into 2040 while global natural gas demand is expected to peak after 2040, driven by China and other Asian counties according to Shell.
• LNG stockpiles held by Japanese utilities fell by 10% last week to 2.06mn tons as of 11 February, the lowest since early October, according to data released by the trade ministry.
• Indonesia’s Tangguh LNG facility has shut its train 3 due to technical issues, according to to SKK Migas cited by Bloomberg.
• MNI COMMODITY WEEKLY: New Refinery Capacity to Upend Global Product Flows - Full piece here: https://enews.marketnews.com/ct/x/pjJscQTckb8I6a9hdxp-Eg~k1zZ8KXr-kA8x6nDDpD3ptIPjO1OcQ