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Gas Summary at European Close: TTF Regains Ground

NATGAS

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.
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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.