Free Trial

Gas Summary at European Close: TTF Pulls Back

NATGAS

Front month TTF has pulled back today with bearish fundamentals, a downward revision in temperatures for NW Europe next week while supply risks appear reduced.

  • TTF AUG 24 down 3% at 32.69€/MWh
  • TTF Q3 24 up 2.1% at 35.05€/MWh
  • Temperatures in NW Europe remain cool this week but are expected to gradually recover back above normal from early next week.
  • Norwegian pipeline supplies to Europe are nominated at 334.4mcm/d.
  • Total European stores are up to 77.62% full on July 1 according to GIE.
  • Ukraine is discussing the transit of natural gas from Azerbaijan to the EU to maintain its role as a transit country and help EU energy security, President Zelenskiy said.
  • Underground natural gas storage in Ukraine has reached 9.5bcm as of July 3, according to Naftogaz CEO Oleskiy Chernyshov.
  • Russia is ready to continue gas flows to Europe via Ukraine after the end of current transit agreement in December, Deputy PM Alexander Novak told Interfax.
  • LNG stockpiles held by Japanese utilities increased 0.97% w/w to 2.09m tons in the week to June 30.
  • LNG spot charter rates in the Atlantic basin have continued to strengthen since May, facing a late June rally.
  • LNG futures traded volumes in H1 2024 rose year-on-year, Platts said.
  • Russian pipe natural gas and LNG supply to Europe was again greater than US LNG arrivals in Jun-24, according to ICIS figures by 0.24bcm.
  • The TTF price forecast for 2024 has been raised by 9% from the April forecast to €33.16/MWh due to supply risks, according to UBS cited by Montel.
  • MNI Gas Weekly: Prices Slip Back as Supply Concerns Ease: Full piece here: https://roar-assets-auto.rbl.ms/files/65094/MNI%20Gas%20Weekly%20-%20%20Prices%20Ease%20Back%20as%20Supply%20Concerns%20Ease.pdf
270 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Front month TTF has pulled back today with bearish fundamentals, a downward revision in temperatures for NW Europe next week while supply risks appear reduced.

  • TTF AUG 24 down 3% at 32.69€/MWh
  • TTF Q3 24 up 2.1% at 35.05€/MWh
  • Temperatures in NW Europe remain cool this week but are expected to gradually recover back above normal from early next week.
  • Norwegian pipeline supplies to Europe are nominated at 334.4mcm/d.
  • Total European stores are up to 77.62% full on July 1 according to GIE.
  • Ukraine is discussing the transit of natural gas from Azerbaijan to the EU to maintain its role as a transit country and help EU energy security, President Zelenskiy said.
  • Underground natural gas storage in Ukraine has reached 9.5bcm as of July 3, according to Naftogaz CEO Oleskiy Chernyshov.
  • Russia is ready to continue gas flows to Europe via Ukraine after the end of current transit agreement in December, Deputy PM Alexander Novak told Interfax.
  • LNG stockpiles held by Japanese utilities increased 0.97% w/w to 2.09m tons in the week to June 30.
  • LNG spot charter rates in the Atlantic basin have continued to strengthen since May, facing a late June rally.
  • LNG futures traded volumes in H1 2024 rose year-on-year, Platts said.
  • Russian pipe natural gas and LNG supply to Europe was again greater than US LNG arrivals in Jun-24, according to ICIS figures by 0.24bcm.
  • The TTF price forecast for 2024 has been raised by 9% from the April forecast to €33.16/MWh due to supply risks, according to UBS cited by Montel.
  • MNI Gas Weekly: Prices Slip Back as Supply Concerns Ease: Full piece here: https://roar-assets-auto.rbl.ms/files/65094/MNI%20Gas%20Weekly%20-%20%20Prices%20Ease%20Back%20as%20Supply%20Concerns%20Ease.pdf