Gas Summary at European Close: TTF Moves Back

TTF front month has once again eased back, erasing a mid-day spike. An absence of tangible supply disruption to Russian flows via Ukraine will ease some of the earlier concerns for Russian pipeline flows.

• TTF SEP 24 down 1.2% at 39.18€/MWh
• Conflict between Ukraine and Russia has not disrupted natural gas supplies to Europe, network operators and gas companies said on Aug 13.
• Gas transit flows through Ukraine are nominated at the normal level at 42.4mcm/d today, according to Ukraine’s gas transmission operator.
• Temperatures in NW Europe are forecast to gradually cool this week.
• Norwegian pipeline supplies to Europe are today nominated at 329.9mcm/d: Gassco.
• European gas in store is up to 87.59% full on Aug 11 according to GIE.
• Net European gas storage injection rates have fallen further below normal this week with stores set to reach target before the end of this month.
• The Petro-China chartered Shaolin LNG tanker looks to be diverting to Europe away from an earlier course to Asia, ICIS said.
• Global LNG demand fell 13% in the week to Aug 11 to 7.13m mt with declines in both Asia and Europe, BNEF said.
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days increased by 7.6% last week to 3.87m mt as of Aug 11, Bloomberg said.
• NWE European LNG prices for winter 2024 hit a seven-month high amid market concerns over recent Ukrainian attack near the Sudzha interconnecting point, Platts said.
• Preliminary LNG offtake agreements for Adnoc’s Ruwais LNG are being negotiated at a price of around 12.6% slope to crude oil, Platts said.
• The restart of Bangladesh's Summit LNG FSRU could be delayed for several more weeks after damage to an underwater gas transmission pipeline was uncovered, Platts said.