Gas Summary at European Close: TTF Set For Weekly Gain

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.