Gas Summary at European Close: TTF Rebounds on Day

TTF has extended gains today, despite no clear drivers and a lack of clarity on the return of Freeport LNG. Front month is down around 3.8% on the week.

• TTF AUG 24 up 2.2% at 31.81€/MWh
• Overall pressure still remains on TTF as gas storage levels in the region breach 80% this week and supply fundamentals from Norway grow.
• Freeport gas flows are rising as it aims to return post shutdown for Beryl but the restart has been more laboured than anticipated.
• Gas supply to Freeport LNG has risen on Friday to its highest levels since it was shut last weekend ahead of Beryl making landfall.
• European gas storage was 80% full on July 10 vs the 5-yr seasonal norm of 70% for this time of year according to GIE.
• Norwegian nominated flows to the UK and Northwest Europe terminals at 339.90 mcm/d vs 5-day moving avg 334.86 mcm/d according to Gassco.
• Chevron is starting planned Gorgon LNG maintenance on one of three trains the company said on its website.
• APAC spot prices fell slightly this week but remained above $12/MMBtu for the eighth straight week, Reuters said.
• Exports of LNG from Russia’s Yamal LNG have slowed slightly in July compared with the same period in 2023, Reuters said.
• Gas supply in Bangladesh has been landed a double blow after damage to the Anowara-Fouzdarhat RLNG pipeline according to ICIS.