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Gas Summary at European Close: TTF Spikes

NATGAS

TTF has spiked again, likely on the back of current Sudzha supply fears despite recent communications from numerous officials suggesting the gas route is still functioning.

  • TTF SEP 24 up 4.3% at 40.11€/MWh
  • Amid a thick 'fog of war' making confirmation of territorial gains or losses difficult to verify, it appears clear that intense fighting is ongoing in Russia's Kursk oblast for the third consecutive day.
  • Russian natural gas transit via the Sudzha intake point near the border with Ukraine is set at 37.3 mcm/day on Thursday, Gazprom said in a statement.
  • That is down from 42.4 mcm/day on Tuesday (its more typical level)
  • Flows via Sudzha came under question on Wednesday over unofficial reports that Ukrainian forces had entered the region and potentially taken control.
  • Reports on this are primarily coming from social media reports and war monitoring sources and are yet to be independently verified.
  • Russian natural gas continues to transit to Europe via Ukraine normally according to Ukraine’s gas transmission operator on Thursday.
  • Malaysia's Petronas has requested buyers defer some loadings of LNG from its Bintulu complex due to operational issues at one production train, Reuters sources said Thursday.
  • Two carriers of LNG originally destined for Argentina’s Escobar terminal have been diverted to Spain due to reduced demand for natural gas in Argentina, according to Platts.
  • Latam and Caribbean imports in July rose nearly 20% on the month in July, the highest monthly imports so far in 2024, Platts said.

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