Gas Summary at European Close: TTF Slips on Week

TTF is heading for a weekly loss of around 2.7% on the week, with downside on the day coming from warm weather across Europe and recovering Norwegian pipeline gas supplies.

• TTF JUN 24 down 3.8% at 29.7€/MWh
• TTF Q3 24 down 3.5% at 30.41€/MWh
• Above normal temperatures are expected across Europe throughout the coming two weeks although could ease back closer to normal from mid-month in NW Europe.
• Norwegian pipeline supplies to Europe have recovered to 308.1mcm/d today with Gassco showing outages due to fall again to 30.4mcm/d tomorrow.
• Gassco currently shows corrective maintenance at Troll today and Sleipner next week in addition to the planned seasonal outages.
• Total European gas storage was 63.93% full on May 7 according to GIE compared to the five-year seasonal average of 49.1% with net injections still below normal.
• US terminal feedgas flows are today up to the highest since March 23 at 13.33bcf/d according to Bloomberg.
• US LNG exports are currently more profitable to Asia from June-November, according to BNEF, based on TTF, JKM, and freight prices May 10.
• The LNG vessel Minerva Limnos is due to arrive in Jordan on 16 May with supplies to be delivery back through the pipelines into Egypt.
• The Panama Canal is in talks with the US LNG producers on how to meet increased demand for crossings as water levels recover from a prolonged drought, the Canal’s administrator Ricaurte Vasquez told Reuters.