Gas Summary at European Close: TTF Stable on Week

TTF is largely stable on the week, although has seen a sharp pull back today. The softening follows Iranian media downplaying Israel’s attack and reporting that its military not planning an imminent retaliation.

• TTF MAY 24 down 5% at 30.7€/MWh
• TTF Q3 24 down 4.8% at 31.25€/MWh
• Israel and Iran have played down the significance of an overnight Israeli strike on a military facility near the Iranian city of Isfahan.
• Norwegian pipeline supplies to Europe are at 336.5mcm/d today.
• European gas storage was up to 62.06% full on Apr. 17: GIE.
• German natural gas consumption last week fell 34.2% below the 2018-21 average: Bnetza data.
• The EU’s LNG demand is likely to peak this year as the bloc accelerates the transition to renewable energies, ACER said in a report.
• An over-contracted position of Japan’s four largest utilities could increase to almost 12m tonnes in the coming years: IEEFA.
• The renewal of US sanctions on Venezuela does not impact development plans for the Dragon natural gas field.
• At least four LNG vessels are waiting to load from the Freeport LNG facility in Texas according to Bloomberg ship tracking data on April 19.
• Global LNG imports of 107.9mn tonnes in Q1 2024 were up 3% from the previous year according to ICIS tracking.
• Gas supply from Libya's Mellitah complex to Italy is expected to reduce significantly and could gradually drop to zero due to planned maintenance in May, according to Eni on April 19.