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NATGAS: Gas Summary at European Close: TTF Resumes Fall

NATGAS
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TTF front month has resumed a decline today after a rally yesterday. Mild weather is expected next week. Furthermore, higher LNG imports are helping to offset unplanned outages reducing pipeline supply from Norway.

  • TTF JAN 25 down 1.8% at 44.74€/MWh
  • Forecasts are still showing cold temperatures this week giving way to milder and windier conditions arriving over the weekend and into next week.
  • European LNG sendout rose back up to 392mcm/d on Dec. 9 after the weekend dip, according to Bloomberg.
  • Norwegian pipeline supplies to Europe are down to 326.6mcm/d today, according to Bloomberg.
  • European gas storage is down to 81.54% full on Dec. 9, according to GIE, compared to the previous five-year average of 83.55% while withdrawals have rebounded near to normal.
  • Citi forecasts that TTF will average $12.9/MMBtu and JKM will average $13.2/MMBtu in 2025, Reuters reported.
  • Meanwhile, Asia’s JKM LNG benchmark is seen averaging $13.2/MMBtu across 2025.
  • The Dutch government is considering extending the life of the Floating LNG import terminal in Eemshaven beyond 2027, according to network operator Gasunie, cited by Bloomberg.
  • LNG stockpiles held by Japanese utilities rose 11.6% w/w on Dec. 8 to 2.11m tons, according to data released by the trade ministry cited by Bloomberg.
  • Russia’s Yamal LNG plant has deployed the LNG tanker Axios II for STS operations in the Barents Sea, according to Reuters.
  • Azerbaijan gas exports to Europe rose to 11.7bcm in Jan-Nov 2024 from 10.9bcm in the same period last year, according to Energy Ministry data.
  • MNI Gas Weekly: Winter Supply Scares Subsiding: https://media.marketnews.com/MNI_Gas_Weekly_Winter_Supply_Scares_Subsiding_be6686287c.pdf?utm_source=email&utm_medium=email&utm_campaign=20241211
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TTF front month has resumed a decline today after a rally yesterday. Mild weather is expected next week. Furthermore, higher LNG imports are helping to offset unplanned outages reducing pipeline supply from Norway.

  • TTF JAN 25 down 1.8% at 44.74€/MWh
  • Forecasts are still showing cold temperatures this week giving way to milder and windier conditions arriving over the weekend and into next week.
  • European LNG sendout rose back up to 392mcm/d on Dec. 9 after the weekend dip, according to Bloomberg.
  • Norwegian pipeline supplies to Europe are down to 326.6mcm/d today, according to Bloomberg.
  • European gas storage is down to 81.54% full on Dec. 9, according to GIE, compared to the previous five-year average of 83.55% while withdrawals have rebounded near to normal.
  • Citi forecasts that TTF will average $12.9/MMBtu and JKM will average $13.2/MMBtu in 2025, Reuters reported.
  • Meanwhile, Asia’s JKM LNG benchmark is seen averaging $13.2/MMBtu across 2025.
  • The Dutch government is considering extending the life of the Floating LNG import terminal in Eemshaven beyond 2027, according to network operator Gasunie, cited by Bloomberg.
  • LNG stockpiles held by Japanese utilities rose 11.6% w/w on Dec. 8 to 2.11m tons, according to data released by the trade ministry cited by Bloomberg.
  • Russia’s Yamal LNG plant has deployed the LNG tanker Axios II for STS operations in the Barents Sea, according to Reuters.
  • Azerbaijan gas exports to Europe rose to 11.7bcm in Jan-Nov 2024 from 10.9bcm in the same period last year, according to Energy Ministry data.
  • MNI Gas Weekly: Winter Supply Scares Subsiding: https://media.marketnews.com/MNI_Gas_Weekly_Winter_Supply_Scares_Subsiding_be6686287c.pdf?utm_source=email&utm_medium=email&utm_campaign=20241211