Gas Summary at European Close: TTF Strengthens

Front month TTF regained ground to be trading higher, supported by colder weather and geopolitical tensions.

• TTF MAR 24 up 1.6% at 30.06€/MWh
• TTF SUM 24 up 1.6% at 30.63€/MWh
• Temperatures in NW and central Europe are still expected to remain mild through the middle of February but above normal temperatures in the coming week could ease back to near normal later in the two-week forecast.
• Norwegian pipeline supplies to Europe are nominated slightly higher today up to 348.3mcm/d and in line with the average throughout January.
• Net storage withdrawals remain below normal as European natural gas storage holds well above normal at 71.13% full on Jan 29 according to GIE data.
• LNG stockpiles held by Japanese utilities declined by 13.3% to 2.16mn tons last week as of 28 January, the lowest level since October.
• The spot volume share in global LNG imports averaged 24% last year, up from 22% in 2022 according to BNEF.
• Russia is not currently in talks with Ukraine on the possible extension of their natural gas transit agreement beyond 2023, Russia’s Deputy Prime Minister Alexander Novak said.
• Grain LNG and Sonatrach signed a ten-year agreement to extend the Algerian company's long-term storage and redelivery capacity at the Grain LNG import terminal beyond January 2029, the UK firm said, cited by Reuters.
• US LNG exports in January stood to 8.56mn tons, just around 3% below December record-high levels, according to Platts.
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