Gas Summary at European Close: TTF Slides

Front month TTF has been choppy on the day but has sunk back into losses as European close nears. Although colder weather at the end of the two-week forecast period has added some support, fundamentals remain bearish amid high storage levels and ample LNG supply.

• TTF APR 24 down -1.8% at 26.1€/MWh
• TTF SUM 24 down -1.8% at 26.41€/MWh
• Mild weather is set to persist across Europe until 19 of February, after which temperatures are forecast to fall well below seasonal normal.
• German natural gas consumption stood at 2,984GWh/d in February, 26.6% below the 2018-2021 average.
• Storage withdrawal rates increase back towards normal on Mar. 5 but total stores are still well above normal at 61.61% full according to GIE data.
• The start of the German natural gas inventory net injection season could be as early as mid-March in the case of mild temperatures according to INES.
• Norwegian pipeline supplies to Europe are today steady at 345.9mcm/d.
• Abu Dhabi National Oil Co. is aiming to reach a final investment decision on the new Ruwais LNG project in the first half of 2024 according to Bloomberg sources.
• Chinese natural gas imports – including piped gas and LNG – climbed by 23.6% on the year to 22.10mn tons in January February, customs data showed, marking the highest year-to-date on record.
• Attempts by environmental groups to delay the Rio Grande LNG export terminal and the Rio Bravo natural gas pipeline have been dismissed by a federal appeals court according to Gelber & Associates.