Gas Summary at European Close: TTF Retreats

TTF front month has erased yesterday’s gains after Gassco gave a timeline on its Norwegian gas facility repairs. Robust storage levels can absorb any lost supply from short-term outages.

• TTF JUL 24 down 5.3% at 34.1€/MWh
• TTF Q3 24 down 5.2% at 34.48€/MWh
• Norwegian pipeline supplies to Europe are today at 263.5mcm/d with an uncertain duration of the unplanned outage at the Nyhamna plant due to transport restrictions at Sleipner riser according to Gassco.
• Total European gas storage was up to 70.49% full on June 2 according to GIE.
• Chevron has resumed full LNG production at its Gorgon facility in Australia after a temporary outage on June 3 the company said Tuesday.
• The US arbitrage window to Northeast Asia via the Cape of Good Hope has been shut by a recent surge in TTF prices: Spark
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days fell by 2.2% over the last week to 3.6m tons as of June 2, according to Bloomberg estimates.
• Global LNG imports fell 12% in the week to June 2 to 7.06m metric tons, according to BNEF driven primarily by a drop in Europe.
• Net LNG imports increased 2.1% in 2023 to 401mt but with a slowdown following 5.6% growth in 2022, according to the GIIGNL 2024 Annual Report.
• Qatar's state-owned QatarEnergy today announced a 10-year supply agreement with Japan's Idemitsu Kosan
• TotalEnergies is set to increase LNG deliveries to Asia with two new medium and long-term contracts.
• hell-led LNG Canada could deliver its first cargo earlier than planned, according to Shell cited by Reuters.
• The Turkstream natural gas pipeline will undergo planned maintenance and repairs for gas days from June 4-10 and June 15-19: BOTAS.