Gas Summary at European Close: TTF Plummets

TTF near term prices are trending lower due to healthy supplies and the forecast of warmer weather later this week as temperatures in NW Europe are expected to rise above normal from around Dec 8.

• TTF JAN 24 down -8% at 40.03€/MWh
• TTF Q1 24 down -7.4% at 40.49€/MWh
• EU natural gas demand in November rose by 2% year on year in November as colder temperatures supported gas demand for heating, but overall consumption remained 25% below 2021 levels, IEA Analyst, Greg Molnar said via LinkedIn.
• Pipeline supplies into Europe from Norway remain strong up near the highest of the year at 354.4mcm/d.
• EU gas in store is down to 94.39% full on Dec 2 according to GIE data compared to the seasonal five-year average of 84.0%.
• European LNG sendout has eased back to 406mcm/d on Dec 2 after reaching the highest since May 5 at 478mcm/d last week and compared to over 500mcm/d this time last year.
• LNG Supplies into Europe’s European gas transport system hit their highest level in six-months, according to TASS citing GIE data.
• Delivered imports of LNG into Europe so far in December have hit 1.39m mt, according to Platts.
• Egypt loaded another LNG cargo on Saturday from its Idku terminal, ICIS data showed, indicating the facility is back in steady operations following the halt to exports between 12 October and 22 November.
• Production and loadings at the 9mtpa Australia Pacific LNG terminal resumed, as the first vessel departed on 2 December according to ConocoPhillips and LSEG ship-tracking data.