Gas Summary at European Close: TTF Slides on Week

TTF front month has maintained its downtrend since spiking June 3. Continued pressure comes from a recovery in Norwegian pipeline supplies and milder temperatures across Europe next week. TTF is currently on track for a week-on-week fall of 3.5%.

• TTF JUL 24 down 1.9% at 33.05€/MWh
• TTF Q3 24 down 1.9% at 33.4€/MWh
• ICE Endex TTF aggregate open interest is holding just below the high from late May amid high trading volumes due to the disruption to Norwegian pipeline gas supply to Europe this week.
• Norwegian pipeline supplies to Europe are today back up to 306.9mcm/d with the return of Nyhamna from unplanned outage. Gas flows into UK’s Easington have restarted, according to Gassco. The Nyhamna capacity reduction is today down to 34.8mcm/d.
• Temperatures in NW Europe are expected to remain cool and fall below normal into next week before seeing a potential recovery back to normal in mid-June.
• European LNG sendout was at 246mcm/d on June 5 according to Bloomberg compared to an average of 236mcm/d so far in June.
• Total European gas storage was up to 70.86% full on June 5 according to GIE compared to the five-year seasonal average of 59.3%. Net injection rates have this week fallen near the lowest since late April.
• France’s CGT union on Friday said it had filed a strike notice for the period between 14 June and 13 September to revise salary scales in the energy sector, La Tribune reported.
• Finland is aiming to ban all Russian gas imports by next winter, according to the economy ministry cited by Montel.
• The number of US LNG export cargoes remained unchanged last week at 26, according to the EIA as feedgas supplied to terminals holds slightly below normal.