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Gas Summary at European Close: TTF on the Rise

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TTF is at the highest level since late-December amid warmer weather and tighter LNG supplies. Russian gas supplies to Austria are also at risk after OMV warned that it may have to stop gas payments to Gazprom amid legal issues.

  • TTF JUN 24 up 2.7% at 35.33€/MWh
  • TTF Q3 24 up 2.6% at 36.13€/MWh
  • Former regulator head Walter Boltz said the Russian gas deliveries to Austria “will stop at some point this summer, maybe in two or three months,” according to Montel. The halt could impact supplies up to 6bcm/year, Montel added.
  • Temperatures across Europe are expected to hold above normal throughout the two-week forecast period while wind generation in NW Europe remains low.
  • Norwegian pipeline supplies to Europe are higher again today to 279.9mcm/d as facilities return capacity following outages.
  • Total European gas storage is slowly building but with injection rates well below normal. Stores were up to 67.53% full on May 21 according to GIE compared to the five-year seasonal average of 53.8%.
  • European LNG prices rose to a five-month high amid tightness in regional supply and boosted competition with other basins for LNG cargoes, Platts said.
  • Malaysia’s Bintulu LNG export facility was fully restored on May 19 after the outage due to a power loss incident on May 10, according to Petronas on Thursday.
  • LNG demand from the power sector in India has been boosted by the current heatwave and is expected to remain strong in the coming two months, said Petronet LNG CEO Akshay Kumar Singh cited by Bloomberg.
  • China’s CNOOC expects domestic natural gas consumption to peak at 700 bcm/y in 2040, according to CNOOC’s senior economist, cited by Argus.
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TTF is at the highest level since late-December amid warmer weather and tighter LNG supplies. Russian gas supplies to Austria are also at risk after OMV warned that it may have to stop gas payments to Gazprom amid legal issues.

  • TTF JUN 24 up 2.7% at 35.33€/MWh
  • TTF Q3 24 up 2.6% at 36.13€/MWh
  • Former regulator head Walter Boltz said the Russian gas deliveries to Austria “will stop at some point this summer, maybe in two or three months,” according to Montel. The halt could impact supplies up to 6bcm/year, Montel added.
  • Temperatures across Europe are expected to hold above normal throughout the two-week forecast period while wind generation in NW Europe remains low.
  • Norwegian pipeline supplies to Europe are higher again today to 279.9mcm/d as facilities return capacity following outages.
  • Total European gas storage is slowly building but with injection rates well below normal. Stores were up to 67.53% full on May 21 according to GIE compared to the five-year seasonal average of 53.8%.
  • European LNG prices rose to a five-month high amid tightness in regional supply and boosted competition with other basins for LNG cargoes, Platts said.
  • Malaysia’s Bintulu LNG export facility was fully restored on May 19 after the outage due to a power loss incident on May 10, according to Petronas on Thursday.
  • LNG demand from the power sector in India has been boosted by the current heatwave and is expected to remain strong in the coming two months, said Petronet LNG CEO Akshay Kumar Singh cited by Bloomberg.
  • China’s CNOOC expects domestic natural gas consumption to peak at 700 bcm/y in 2040, according to CNOOC’s senior economist, cited by Argus.