Gas Summary at European Close: TTF Ticks Up

Front month TTF regained earlier losses to be slightly up on the day, as global supply risks from disrupted LNG supplies from Egypt and Australia are outweigh with high storage and low demand.

• TTF NOV 23 up 0.5% at 48.7€/MWh
• TTF Q1 24 up 0.5% at 54.35€/MWh
• The latest weather forecast shows temperatures in NW and central Europe holding mostly near or slightly above normal throughout the coming two weeks although with a dip cooler early next week.
• Australia’s Fair Work Commission has not planned any hearings between the Commissioner, Chevron and the unions on 17 October, according to information from the commission's website, after several days of mediation talks that started 11 October.
• Norwegian pipeline supplies to Europe are relatively unchanged in recent days with today nominated at 329mcm/d amid some unplanned capacity reductions.
• European natural gas storage is up to the highest in over ten years at 97.95% full on 15 Oct according to GIE data after high end of season injection rates.
• LNG net import flows were at 285mcm/d on 15 Oct according to Bloomberg compared to approximately 375mcm/d seen this time last year.
• Global weekly LNG imports rose by 4% on the week to 7.5mn tons for October 9-15, as supplies into China and India increased according to BNEF.
• Aramco is looking at making additional investments into LNG, with some deals in the pipeline, according to its CEO Amir Nasser.
• The current LNG project pipeline won’t be enough to keep up with stronger than expected global demand with a long-term role for gas in the energy transition according to Kenichi Hori at Mitsui.
• The Republic of Congo is planning to start LNG exports for the first time in December, the Minister of Mines and Hydrocarbons Bruno Jean-Richard Itoua said, cited by Bloomberg.
• The first LNG cargo arrived at Finland’s Inkoo terminal on Tuesday following the blast of the Balticconnector pipeline earlier this month, vessel-tracking data showed.