Gas Summary at European Close: TTF Maintains Gains

TTF front month continues to find support as Norwegian field capacity reductions add to ongoing Middle East tensions.

• TTF NOV 24 up 1.9% at 42.17€/MWh
• RES 1: €42.60 - Intraday high
• The temperature forecast for NW Europe remains above normal for the coming week.
• Norwegian pipeline supplies to Europe are nominated down at 321.8mcm/d today, according to Bloomberg.
• European gas storage has edged up to 95.30% full on Oct. 22, according to GIE.
• European gas storage is expected to end this coming winter season at a lower level than prior years: Equinor’s CEO.
• It is not technically possible for Denmark to meet its EU-mandated 90% filling target by November 1.
• High pre-winter European storage levels provide a buffer, but the market remains sensitive to weather risks, new LNG project delays and expected Russian pipeline supply cuts, Timera said.
• Sanctioned LNG tankers Nova Energy, Pioneer and Asya Energy carrying Russian LNG remain in the Sea of Japan awaiting buyers.
• China’s demand for gas in heating, commercial business, and transport sectors will rise at a slower pace this winter, ENN said.
• China's rapidly rising gas demand is supported by the LNG truck fleet expected to reach 1m in 2025: IEA analyst Greg Molnar.
• Baker Hughes expects the pace of LNG FIDs to pick up in 2025.
• Several major pipeline operators are expanding capacity to meet rising natural gas demand in the U.S. Southeast: Gelber & Associates.
• LNG prices in Brazil continue to rise as import volumes for October approach September levels, Platts said.
• India’s largest LNG importer Petronet is in advanced talks to secure land for the Gopalpur LNG import terminal, Bloomberg said.