Gas Summary at European Close: TTF Regains Ground

TTF has rebounded after yesterday’s losses amid a slight downward revision in temperatures and wind forecasts, despite continued bearish fundamentals.

• TTF MAY 24 up 2.1% at 26.1€/MWh
• The European weather forecast is relatively unchanged with warmer than normal temperatures expected in the next two weeks.
• Norwegian pipeline supplies to Europe are today nominated at 340.0cm/d.
• European gas storage was up to 59.39% full on Apr. 2 according to GIE.
• European LNG imports, excluding Turkey, fell to the lowest March level since 2019: Timera Energy.
• NW Europe is currently scheduled to receive another 19 LNG cargoes in the coming couple of weeks following 5 cargoes arrivals so far in April according to Bloomberg.
• German natural gas consumption in March stood 24.6% below the 2018-2021 average at 2.627GWh/d: Bnetza data.
• Germany’s newly built LNG terminals have imported significantly less LNG in the past heating period than the existing Gate and Eemshaven terminals, ICIS.
• The Balticconnector natural gas pipeline connecting Finland and Estonia will be recommissioned on 22 April.
• Egyptian Natural Gas Holding Company recently purchased at least one LNG shipment for May delivery and is looking procure more LNG shipments through summer.
• The Egyptian Natural Gas Holding Company is in talks with providers of FSRUs to secure a five-year contract, as the country plans to ramp up LNG imports during spring and summer.
• Russia’s Novatek is scaling back Arctic LNG 2 as Western sanctions limit access to ice-class tankers: Reuters.