Gas Summary at European Close: TTF Ticks Up

Front month TTF is up on the day but has eased back from an intraday high of €41.025/MWh, driven by high storage withdrawals due to cold weather. Gas markets have recently been trading lower amid high stock levels, robust LNG supplies and Norwegian pipeline flows , coupled with below-norm demand.

• TTF JAN 24 up 1% at 39.73€/MWh
• TTF Q1 24 up 1% at 40€/MWh
• Temperatures in NW Europe are forecast to remain above the seasonal norm until mid-December, when it is expected to fall back below the average.
• German natural gas consumption stood at an average of 2,976GWh/d in November, up by 16.3% year on year, driven by an increase in household and industrial demand, Bnetza data showed.
• Pipeline supplies into Europe from Norway have rebounded today to 351.7mcm/d, up from 342.8mcm/d yesterday, Gassco data showed.
• European gas storage was 92.73% full as of 5 December, compared with the five-year average of 83%, GIE data showed.
• Net gas storage withdrawals averaged 5,981GWh/d in the first five days of December, up from an average of 1,502GWh/d in all of November.
• LNG flows to Europe were up at 464.3mcm/d on 5 December, up from 422.2mcm/d the day prior.
• ExxonMobil has delayed the commissioning of the Golden Pass LNG facility to the first half of 2025, from end-2024 previously scheduled according to the company.
• Total natural gas import supplies to Europe increased again in week 48 according to Bruegel data but at a slower seasonal rate to seen in previous years.
• China’s gas imports in November increased to the highest in nearly two years according to China customs data amid a slow recovery in demand.