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Gas Summary at European Close: TTF Ticks Up

NATURAL GAS

TTF Front month is trading slightly higher on the day, only the second day-on-day rise since Feb. 12. Some support is coming from the extension of the unplanned outage at the Karsto processing facility in Norway. However, weak demand and robust supplies are capping gains.

  • TTF MAR 24 up 0.2% at 23.74€/MWh
  • TTF SUM 24 up 0% at 24.37€/MWh
  • Above normal temperatures are expected to continue across much of Europe throughout February and potentially into the start of March.
  • Net European gas storage is above the previous five year range highs at 65.32% full on Feb 18 according to GIE data.
  • EU net withdrawal rates fell to the lowest this year at just 1,232TWh/d on Feb 18 according to the latest GIE data.
  • Norwegian pipeline supplies to Europe are today unchanged at 339.5mcm/d.
  • Egypt may pause LNG exports again during summer in order to meet domestic demand: Oil Minister
  • Russia is potentially aiming to produce 110mn tons of LNG by 2030 vs current levels of 33mn tons according to Deputy PM Alexander Novak.
  • Italy’s OLT Offshore plans to start maintenance at its Toscana FSRU LNG terminal on March 1, one month ahead of its previous plans.
  • Global weekly LNG imports increased by 12% to 8.1mn tons during 12-18 February, driven by higher imports from Japan, South Korea and Northwest Europe according to BNEF.
  • Denmark's largest natural gas field Tyra is on track to restart production by the end of March, according to BlueNord on Tuesday.
  • Freeport feedgas flows have fallen by a further 0.47bcf/d today to 1.01bcf/d according to BNEF data after seeing a similar dip on Feb 17 when train 1 briefly tripped.
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