Gas Summary at European Close: TTF Softens

Front month TTF has eased back on the day as weather forecasts showed a shorter period of below-normal temperatures.

• TTF APR 24 down 4.1% at 27.67€/MWh
• TTF SUM 24 down 3.9% at 27.85€/MWh
• Above normal temperatures are expected to persist across Europe in the coming two weeks.
• European gas storage was up at 59.53% full on Mar. 18 according to GIE with net withdrawal rates rising back to near normal.
• Norwegian pipeline supplies to Europe are today nominated back up to 331.7mcm/d.
• Freeport LNG will increase its LNG production capacity to 16.3mtpa, up from around 15mtpa currently, while ongoing maintenance is more extensive than previously expected, CEO Michael Smith said in an interview.
• India’s Gujarat State Petroleum Corp. is looking for a commissioning cargo for the Chhara terminal for delivery in April according to Bloomberg.
• The CEO of US gas producer EQT warned that a lack of pipelines and storage facilities could trigger dramatic price swings in the coming years according to Bloomberg.
• New US LNG project costs have nearly doubled over the past eight years cutting profit margins as long-term contract LNG prices have dropped according to Freeport CEO, Michael Smith.
• The US government’s study on LNG export facilities is likely to be concluded this calendar year, US Energy Secretary Jennifer Granholm said Wednesday.
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