Gas Summary at European Close: TTF Rangebound

TTF front month has erased its gains and moved towards rangebound, with prices holding between €29.15/MWh and €30.215/MWh this week and fundamentals remaining stable.

• TTF JUN 24 up 0% at 29.68€/MWh
• TTF Q3 24 up 0% at 30.43€/MWh
• Temperature forecasts for NW and central Europe are relatively unchanged and still showing above normal temperatures throughout the coming two weeks.
• Norwegian pipeline supplies to Europe are today nominated at 322.9mcm/d with Gassco showing field and plant outages of 30.4mcm/d this week.
• Total European gas storage was 65.19% full on May 12 according to GIE compared to the five-year seasonal average of 50.8% with near normal net injection rates on the day.
• LNG stockpiles held by Japanese utilities increased 6.47% w/w to 2.14m tons in the week to May 12 from 2.01m tons the previous week, according to data released by the trade ministry.
• Qatar is going to sign more long-term LNG contracts this year according to its CEO Wednesday.
• PetroChina expects China's LNG import capacity to grow to 250 million metric tons per annum by 2027-28 according to an official on Wednesday.
• China imported 19.85m mt of LNG in Q1, up 20.43% on the year, according to OilChem, citing GACC data.
• Five Chinese importers, mostly second-tier buyers, are each seeking one LNG cargo for June-Sep delivery, according to PipeChina, cited by Argus.
• MNI COMMODITY WEEKLY: Oil Markets Look Towards OPEC Meet After Geopolitical Risks Fade – Full piece here: https://enews.marketnews.com/ct/x/pjJscQnaxrkI6a8zdU8nTw~k1zZ8KXr-kA8x6nOCMfxptIPjO1OcQ