May 17, 2024 15:31 GMT
Gas Summary at European Close: TTF Rises on Week
NATGAS
TTF front month is closing the week around 1.8% higher amid support from Ukrainian supply risks and increased competition for LNG supplies from Asia.
- TTF JUN 24 up 1.1% at 30.57€/MWh
- TTF Q3 24 up 1.1% at 31.35€/MWh
- Warmer than normal temperatures are forecasts across NW and central Europe throughout the next two weeks.
- Norwegian pipeline supplies to Europe are today nominated at 320.0mcm/d. Steady outages of 30.4mcm/d this week are expected to rise to a peak of 177mcm/d on May 21.
- European gas storage was 66.06% full on May 15 according to GIE. The five-year seasonal average is 51.8%.
- Algeria's state exporter Sonatrach is delivering the first Algerian LNG cargo to Croatia's Krk terminal.
- The EU is in discussion about the 14th sanctions package against Russia, aiming to ban STS and re-exports via EU ports.
- China and Russia confirmed their interest in a Power of Siberia 2 pipeline according to Putin on Friday.
- Asia’s spot LNG prices rose to its highest level since January, with hot weather across the region stoking demand, Reuters said.
- India’s LNG consumption increased by 6% on the year in April to 5.515bcm but was down 1.4% on the month.
- The UK's Dragon LNG plans to offer 9bcm/year of import capacity for 2029 onwards while Grain LNG also still has some 2029 capacity available, according to ICIS.
- Total US LNG export cargoes increased last week to 28 from 22 the previous week with four Freeport LNG terminal cargoes in the week according to the EIA.
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