Gas Summary at European Close: TTF Set for Weekly Losses

TTF has rebounded today mid cooler weather forecasts for the end of the month. However, it is headed for a decline of 11.6% since the start of the week.

• TTF FEB 24 up 1.5% at 28.3€/MWh
• TTF SUM 24 up 2.1% at 28.95€/MWh
• LNG shipping disruption continues due to Red Sea attacks and ongoing Panama Canal transit issues while US exports have seen some disruption this week due to severe cold.
• Temperatures in NW Europe are expected to rise in the coming days as warm weather from southern areas spreads north.
• Norwegian pipeline supplies to Europe remain strong although are nominated slightly lower today at 352.5mcm/d.
• European natural gas storage was down to 77.47% full on Jan 17 according to GIE data compared to the seasonal five year average of 65.9%.
• Ukraine’s Naftogaz is seeking to at least double the amount of natural gas it stores for international traders by the 2024/25 winter period in order to boost domestic production, Naftogaz CEO Oleksiy Chernyshov said, cited by Bloomberg.
• Qatar Energy could sign a long-term LNG supply deal with Indian buyers within weeks under cheaper and more flexible terms than with existing contracts, trade sources told Reuters.
• Turkey’s Botas are set to visit St Petersburg this week to discuss establishing a gas hub with Gazprom, according to TASS.
• Japanese LNG imports are expected to stabilize in 2024 but with downward pressure from nuclear restarts according to ICIS.