Gas Summary at European Close: TTF Ticks Up

TTF front month has been volatile during the day, rallying back to positive territory, but is still set for a net decline on the week. Milder weather in Europe is helping gas in store levels to remain well above normal.

• TTF MAR 24 up 0.3% at 23.27€/MWh
• Temperatures in NW Europe are expected to cool this weekend before edging higher during next week to remain above normal throughout to the two week forecast.
• Norwegian pipeline supplies to Europe are today nominated almost unchanged on the day at 339.8mcm/d.
• European gas storage was up at 64.69% full on Feb 21 according to GIE data compared to the seasonal five-year average of 48.0% after below normal withdrawals since Jan 18.
• European LNG sendout was at 379mcm/d on Feb 21 according to Bloomberg after reaching the highest since Jan. 18 at 402mcm/d the previous day.
• Vitol has signed a long term deal to buy natural gas from producer EOG Resources mostly indexed to Brent crude prices.
• FERC said on Friday it would decide on Venture Global’s one-year extension plan within 45 days, it said in a statement.
• China Gas purchased an LNG cargo on a Des basis for April delivery at around $8.30/mmbtu earlier this week, traders told Bloomberg.
• QatarEnergy is due to make an announcement on Sunday that will have a “significant” impact on the industry, a source told Reuters.
• Croatia is seeking talks to resolve Bosnia's block in approving a pipeline project, supported by the US and EU, to help move away from Russian gas supplies.