Gas Summary at European Close: TTF Trading Higher

TTF markets saw a late boost to trade higher on the day as supply concerns weight against high storage levels and milder temperatures in Europe.

• TTF NOV 23 up 1.2% at 51.75€/MWh
• TTF Q1 24 up 1.6% at 58.31€/MWh
• Norwegian pipeline supplies to Europe are today at 306.2mcm/d but could rise tomorrow with the expected return of an Oseberg outage on 24 Oct.
• Small injections into European natural gas storage continue to bring levels up to 98.44% full on 21 Oct according to GIE data compared to the five-year average of 89.85%.
• Total European LNG sendout averaged just around 311mcm/d in the week to 21 Oct compared to around 370mcm/d for the same period last year.
• The European Commission is weighing whether to extend the emergency gas price cap amid fears that the conflict in the Middle East and sabotage of the Balticconnector pipeline could push prices higher again this winter according to a presentation given to diplomats from the EU’s 27 member states and seen by the Financial Times.
• Eni signed a deal with QatarEnergy to buy LNG for the duration of 27 years according to ENI.
• Eesti Gas has purchased an additional LNG cargo from the US for end-November delivery to cover Finland’s gas consumption, following the shutdown of the Balticconnector gas pipeline earlier this month.
• Northwest Europe had received 33 cargoes as of 20 Oct according to Bloomberg ship tracking data with 48.5% originating from US.
• Korea Gas doesn’t expect any LNG supply shortage this winter despite the ongoing conflict between Israel and Hamas.
• Shell Gas BV and other partners of its Oman LNG venture signed amended agreements.
• Russia’s Gazprom is in talks with China to increase supplies through the Power of Siberia to more that the planned level of 38 billion bcm/year, according to its CEO, Alexei Miller.
• extending Shell’s share in the business beyond 2024 according to the firm.
• Platts launched the first LNG price assessment covering Southeast Asia, amid the region’s growing demand for the fuel.