Gas Summary at European Close: TTF Reverses Gains

Front month TTF reversed earlier gains to be trading lower on the day, as milder weather offsets slightly curtailed Norwegian pipeline flows.

• TTF MAY 24 up 1.7% at 28.38€/MWh
• TTF Q3 24 up 1.7% at 29.15€/MWh
• Norwegian pipeline supplies to Europe are today nominated back up to 333.0mcm/d but still below normal due to an unplanned outage at the Asgard field.
• Above normal temperatures are expected to persist across Europe in the coming week although NW and central Europe could see temperature back near to normal levels during the second week of the outlook.
• European gas storage was up to 60.19% full on Apr. 7 according to GIE.
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days declined by 3.8% last week to 3.5mn tons as of 7 April, according to Bloomberg estimates.
• Global weekly LNG imports edged up by 4% to 8.2mn tons during 1-7 April, supported by more shipments into Northwest Europe and Italy according to BNEF.
• Hungary intends to extend its existing LNG supply deal with Shell beyond 2027 and also hopes to increase the quantity of supplies.
• The Orlen Group has increased the volume of natural gas transported to Poland via the Baltic Pipe from its own production assets in Norway by more than 30% according to a press release.
• The Northwest Europe forward curve, which prices 11 month out, has risen steadily over the past month and a half, with some month hitting multi-month peaks, Platts said.
• LNG demand is switching back to Asia after Europe’s energy crisis has supported European LNG demand, Mario Matkovic, CEO of MET Croatia, said.