Gas Summary at European Close:: TTF Rises

TTF front month is gaining ground today despite Ukrainian flows holding steady, with apprehensions remaining about supply.

• TTF SEP 24 up 1.6% at 39.61€/MWh
• Gas transit flows through Ukraine are again nominated at the normal level at 42.4mcm/d today, according to Ukraine’s gas transmission operator.
• The Commander-in-Chief of the Ukrainian Armed Forces, is saying that a military commandant's office has been set up in the part of the Kursk oblast occupied by Ukrainian forces. The establishment of such offices could be a signal that Ukraine may attempt to make its military incursion into the Russian Federation a permanent scenario.
• Norwegian pipeline supplies to Europe are today nominated at 331.1mcm/d with capacity reductions of 16mcm/d expected until Aug 23 according to Gassco.
• Temperatures in NW Europe are forecast to continue to cool into the coming weekend and then hold near or just above normal next week.
• Below normal storage injection rates are slowly edging European stores up towards the EU pre winter target to 88.24% full on Aug 13 according to GIE compared to the five year average of 80.1%.
• U.S. LNG developer NextDecade said on Wednesday it will appeal a court ruling that overturned federal approval for its Rio Grande LNG project.
• Russia will likely find buyers for LNG produced at its sanctioned Arctic 2 LNG plant by using a shadow fleet of tankers according to Flex LNG CEO Oystein Kalleklev.
• The Japanese LNG inventory for major power companies stood at 1.98m tonnes on 11th August according to ICIS.