Gas Summary at European Close: TTF Remains in Range

TTF is trading higher but is holding within the weekly €29.15/MWh to €30.57/MWh range. Supplies remain stable amid muted demand and mild temperatures, although there is support from ongoing concern for supply via Ukraine.

• TTF JUN 24 up 2.6% at 30.5€/MWh
• TTF Q3 24 up 2.6% at 31.29€/MWh
• Temperature forecasts for NW and central Europe are showing above normal temperatures throughout the coming two weeks until the end of the month.
• Norwegian pipeline supplies to Europe are today nominated at 321.5mcm/d with supply still limited by small outages at Visund, Gullfaks and Karsto.
• Total European gas storage was 65.80% full on May 14 according to GIE compared to the five-year seasonal average of 51.5%.
• German natural gas consumption in the week to 12 May increased 4.8% from the previous week but was 19.5% below the 2018-21 average, Bnetza data showed.
• The removal of Ukrainian natural gas transit and storage volumes would drive a manageable 13bcm EU gas balance deficit, comfortably above the 2017-21 average, according to ICIS.
• The Neptune FSRU previously used to regasify LNG at Lubmin is now undergoing checks at Odense shipyard in Denmark before returning to Mukran in Germany.
• JKM LNG prices are holding in the mid-$10s/MMBtu range as spot purchases continued in south and southeast Asia, Bloomberg said.
• QatarEnergy has set the July term price for al-Shaheen crude at $1.82/bbl above Dubai quotes according to Reuters sources.
• China’s LNG imports could hit record levels in 2024 according to a PetroChina official.
• Gazprom CEO Alexei Millar is not with Putin on his trip to China this week, instead holding talks with Iranian leadership according to the company.