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Gas Summary at European Close: TTF Set For Weekly Gain

NATURAL GAS

Front month TTF is on track for day-on-day gains and is also up around 4.75% since the start of the week. Colder weather and upside risk from supply disruptions due to Middle East tensions are supporting European natural gas.

  • TTF FEB 24 up 4% at 34.75€/MWh
  • Temperatures in NW and central Europe are forecast to drop below normal over the coming weekend but could recover back closer to normal towards the middle of Jan.
  • European natural gas storage was down to 85.86% full on Jan 3 according to GIE data.
  • European LNG sendout was relatively unchanged at 338mcm/d on Jan 3.
  • Norwegian pipeline supplies to Europe are up to 353.8mcm/d and back in line with recent levels. Flows could dip slightly with a panned outage at Karsto Jan 8-13.
  • Spain’s conventional natural gas demand is expected to rise 11% above normal during next week’s cold spell, TSO Enagas said.
  • Finland’s TSO Gasgrid activated the Inkoo LNG terminal LNG delivery service and purchased a 100GWh LNG cargo scheduled to be delivered on 11 January due to higher gas demand, the TSO said.
  • Algeria gas flow to Italy at Mazara have recovered slightly back up to 45.65mcm/d.
  • India’s GAIL signed a 10-year supply deal with Vitol to purchase 1mtpa of LNG starting in 2026.
  • LNG imports to Asia rose to a record 26.61m metric tons in December from 23.35m tons in November but set against higher global supplies according to Kpler.

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