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Gas Summary at European Close: TTF Slips Back

NATGAS

TTF has erased earlier gains to fall on the day. The market remains sensitive to supply risks amid news of suspended production at Wheatstone LNG suspension. However, tepid demand and strong storage add downside.

  • TTF JUL 24 down 0.7% at 34.03€/MWh
  • TTF Q3 24 down 0.7% at 34.43€/MWh
  • Chevron’s Wheatstone offshore gas facility in Australia has suspended production to complete repairs to the fuel system: company statement.
  • Norwegian pipeline supplies to Europe are today steady at 327.8mcm/d.
  • Total European gas storage was up to 71.75% full on June 9 according to GIE compared to the five-year seasonal average of 60.6%.
  • Injections into European gas storage fell further below normal last week but gas in store is still on course to reach EU prewinter target by September.
  • Ukraine expects more European companies to use its gas storage by September despite ongoing Russian attacks on its infrastructure.
  • Europe is engaged in “intense” work to keep gas flowing through a key Russia-Ukraine pipeline: German economy minister Robert Habeck.
  • Russian gas deliveries to Europe via Ukraine totalled 1.31 Bcm in May, just 39% of contracted volumes.
  • The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days rose by 21% over the last week to 4.28m mt as of June 9.
  • Russia's January-May LNG exports increased by 6.3% y/y to 13.6m mt according to LSEG data.
  • Global LNG imports fell 7% in the week to June 9 to 6.54m mt: BNEF.
  • The combined Russian pipeline natural gas and LNG volume in May 24 exceeded US supply into Europe for the first time in 21 months: ICIS.
  • TTF and JKM prices have seen a slight recovery since Mar 2024 amid higher coal for gas switching levels (CSP): Timera Energy.
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