Gas Summary at European Close: TTF Strengthens

TTF is set for on-day gains amid upward revision in temperature forecasts and signs of some higher competition for LNG cargoes from Asia. The market is also awaiting the return of Freeport LNG feedgas flows.

• TTF AUG 24 up 0.8% at 31.02€/MWh
• The US second-largest LNG liquefaction facility, Freeport LNG, was preparing to restart processing operations by July 11, according to Reuters on Wednesday. It was preventively shut down at the weekend ahead of Hurricane Beryl.
• European gas storage was 80% full on July 9 vs the 5-yr seasonal norm of 70% for this time of year according to GIE.
• LNG flows to Northwest Europe on July 9 were 134.46 mcm/d, in line with the 30-day average.
• Norwegian nominated flows to the UK and Northwest Europe terminals at 335.70 mcm/d vs 5-day moving avg 333.86 mcm/d according to Gassco.
• Uncertainty in the Asian LNG market has sparked stronger prices in Jan. 2025, strengthening the corresponding JKM-NWE derivative spread to the widest across the forward curve, Platts said.
• Healthy storage and demand in Spain have pushed the natural gas hub to push its pipeline exports to neighbouring markets, Platts said.