Gas Summary at European Close: TTF Ticks Up on Week

TTF continues to recover ground today and is up around 1.7% on the week. A brief cold spell in Europe over this weekend and supply uncertainties from lower US exports and competition for LNG supplies are adding support.

• TTF APR 24 up 4.8% at 27.68€/MWh
• TTF SUM 24 up 4.4% at 27.8€/MWh
• Weather forecasts in NW Europe have been revised lower but temperatures are still above the seasonal norm throughout most of the two-week forecasts period, with brief dips below normal this weekend and around 3-4 April.
• Norwegian pipeline supplies to Europe are today nominated up to 339.5mcm/d.
• European gas storage was at 59.29% full on Mar. 20 according to GIE.
• The LNG vessel Maran Gas Alexandria is floating off east Germany and could be a cargo for the Lubmin FSRU import project or the first delivery for the new FSRU at Mukran.
• Denmark’s largest natural gas field, Tyra, has restarted production on 21 March, operator TotalEnergies said.
• US LNG exports fell in the week ending March 20 amid Freeport train outages.
• Argentina’s Enarsa awarded its 10 cargo LNG tender, the first procurement tender it has made in 2024, according to Platts.
• Gazprom’s Power of Siberia natural gas pipeline to China will undergo planned maintenance during 24 March and 1 April, during which flows will be halted.
• China gas demand is expected to grow over 25bcm y/y in 2024 on industrial activity combined with more gas in power according to OIES.
• Tropical Cyclone Megan that hit Australia earlier this week has had little to no impact on operations at Australia’s LNG terminals, according to Platts.
• Rystad sees a possible 'oil circular' strategy for Middle Eastern countries suggesting no rush to unwind crude output cuts.