Gas Summary at European Close: TTF Slips

TTF has retreated to its lows from the previous week as warm weather forecasts throughout March cap any remaining demand during the gas market’s winter season.

• TTF APR 24 down -5.9% at 24.85€/MWh
• TTF SUM 24 down -5.4% at 25.27€/MWh
• Above normal temperatures are still expected across Europe in the coming two week forecast with temperatures in NW Europe gradually rising through the middle of the month.
• European gas storage was 60.71% full on Mar. 6 according to GIE data and compared to the seasonal five-year average of 43.3% full. Withdrawal rates eased back slightly below normal late last week.
• Norwegian pipeline supplies to Europe are today nominated at 343.5mcm/d in line with the average so far in March despite processing plant outages at Karsto and Nyhamna.
• Cheniere’s Corpus Christi LNG stage 3 expansion project in Texas is 52.7% percent complete according to LNG Prime
• Russian pipeline natural gas exports to Europe declined by 4.1% on the month in February to 2.55bcm, Entso-G data showed, while LNG shipments to Europe – excl Turkey – were down by 12.8% on the month to 1.97bcm, Kpler data showed.
• Russia’s aim to increase LNG capacity from 30mtpa to 110mtpa by 2030 faces challenges from restrained access to capital, lack of western technologies and marketing challenges according to IEA analyst, Greg Molnar.
• Iran has release plans to increase production from the offshore South Pars gas field in the Persian Gulf according to the Shana news agency.
• The Biden administration’s decision to pause approvals of new LNG export licences has could affect at least seven planned LNG projects in Mexico, according to El Diario.