Gas Summary at European Close: TTF Ticks Up

TTF front month has found support today from lower Norwegian pipeline supplies, but upside is being capped by rising LNG sendout and milder weather. The front month is down 3.75% on the week.

• TTF MAY 24 up 1.7% at 26.65€/MWh
• The TTF May 24 – Q3 24 spread has fallen from nearly -0.2€/MWh in mid-March a low of -0.75€/MWh as high end of winter season gas storage levels and muted demand in Europe due to warm weather weighing on the front of the curve.
• Norwegian pipeline supplies to Europe are today nominated down to 344.7mcm/d with unplanned process problems at Gullfaks adding to the ongoing planned outage at Kasto.
• The NW and central European weather forecast is showing temperatures well above normal in the coming days before gradually cooling into the middle of the month. The current forecast suggests closer to normal temperatures could be expected from around Apr. 17.
• European gas storage was up to 59.44% full on Apr. 3 according to GIE.
• ICIS expects EU natural gas storage levels to reach the prewinter target level by mid-August.
• The new 5.5bcm Alexandroupolis LNG import terminal in Greece is set to receive the second LNG cargo in May according to LNG Prime.
• Russian pipeline gas and LNG imports into Europe should be reduced slowly to avoid damaging the market according to Motel citing French economy minister Bruno Le Maire.
• Asian spot LNG prices were largely unchanged on the week, holding at a six-week high of $9.50/MMBtu for the third successive week, according to Reuters.