Gas Summary at European Close: TTF Rebounds

Front month TTF has rebounded from earlier losses in a choppy session as upside risks from recent attacks on Ukraine gas infrastructure and increased buying interest in Asia are weighed against steady supplies and high end of season storage levels.

• TTF APR 24 up 2.1% at 27.7€/MWh
• TTF SUM 24 up 2% at 27.98€/MWh
• Temperatures across much of Europe are forecast to remain above normal throughout most of the two week outlook.
• Norwegian pipeline supplies to Europe are nominated up at 347.1mcm/d today. Flows could dip again in early April amid planned outages at Karsto reducing capacity by 19.6mcm/d from Apr. 1.
• European LNG sendout increased on the day to 323mcm/d on Mar. 25 but remains just below the average seen through the month and well below the average of 413mcm/d in March 2023.
• European gas storage was at 59.03% full on Mar. 25 according to GIE after an increase in withdrawals but is still high compared to the seasonal five year average of 41.6%.
• Ukraine is aiming to reassure European natural gas traders that it is still safe to store gas in the country’s natural gas reserves after Russia’s attack on one of the sites on Sunday.
• LNG stockpiles held by Japanese utilities declined by 5% last week to 1.52mn tons as of 24 March, data released by the trade ministry showed.
• Bangladesh is planning to buy LNG from Gunvor Singapore for the duration of two years starting this year, Mahmudul Hossain Khan, a cabinet division secretary, said, cited by Bloomberg.
• Morocco is planning an LNG import terminal at Nador West Med on the Mediterranean coast in the short term and to connect it with a new pipeline to the idled Maghreb Europe gas link, the energy transition ministry said in a statement, cited by Bloomberg.