May 31, 2024 15:44 GMT
Gas Summary at European Close: TTF Rises on Week
NATGAS
European gas prices have reversed earlier gains today but remain on track for a weekly rise of around 1.5%. Support comes from lower LNG inflows, Norwegian outages, while risks to Russian gas imports may be easing.
- TTF JUL 24 down 2.2% at 34.58€/MWh
- TTF Q3 24 down 2.1% at 35.07€/MWh
- Hungarian Prime Minister Viktor Orban signed a decree to stop payments to Russia’s Gazprom from being seized as part of legal claims brought by EU companies.
- Gassco posted a new remit message noting of planned annual maintenance at Norway’s Kårstø facility from June 1 to June 4. This will take 12.6 mcm/d offline.
- Norwegian nominated flows to the UK and Northwest Europe terminals at 303.30 mcm/d vs 5-day moving avg 281.96 mcm/d according to Gassco.
- European gas storage was 69% full on May 29 vs the 5-yr seasonal norm of 57% for this time of year according to GIE
- LNG flows to Northwest Europe on May 29 were 135.55 mcm/d, 19% lower than the 30-day average.
- Tighter fundamentals and geopolitical uncertainties have strengthened gas prices across all key markets in May, the IEA gas analyst Greg Molnar said in a LinkedIn post.
- Gorgon LNG in Australia has returned to full production supporting global supply.
- Course change for the LNG Endeavour: it was heading to Montoir, France for 1 June but is now heading south and signalling "for orders,” according to ICIS.
- Heat waves across Asia are driving demand for LNG cargoes to support cooling requirements.
- India’s natural gas-based power generation is up strongly in May amid a heat wave, boosting demand for prompt LNG cargoes in June, Platts said.
- Israel exported a record 1.28 bcf/d of gas to Egypt and Jordan in Q1 2024, according to MEES.
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