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Gas Summary at European Close: TTF Trading Higher

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Energy BulletsCommodities

TTF front month is stronger today with support from planned maintenance curtailing Norwegian gas supplies and recent storage withdrawals due to colder weather.

  • TTF MAY 24 up 2.9% at 29.85€/MWh
  • TTF Q3 24 up 2.7% at 30.43€/MWh
  • Warmer than normal temperatures are however forecast across Europe in the coming two weeks, with temperatures in NW Europe peaking around May1 before drifting back towards normal.
  • Norwegian pipeline supplies to Europe have today declined further with nominations of 273.3mcm/d compared to around 340mcm/d in mid-April. Flows are expected to decline further with capacity reductions still expected to peak at 101.7mcm/d on April 27 according to Gassco data.
  • European gas storage declined again yesterday amid net withdrawals in the two days to April 23. GIE data shows total stores are now 61.87% full compared to the five-year average of 45.1%.
  • The LNG vessel the Arctic Voyager has pulled into a jetty at Norway’s 4.3mtpa Hammerfest LNG plant this morning according to ICIS, suggesting the plant is ready to restart loading again.
  • The European Commission’s next sanctions package is expected to propose restrictions on Russian LNG for the first time: Reuters.
  • Europe will need to attract more ‘flexible’ LNG this summer as supply agreements expire, according to BNEF.
  • The US Freeport LNG export terminal reported a trip on the third liquefaction train according to a TCEQ filing yesterday.
  • US LNG exports are currently more profitable to Asia for June, July, and August delivery, according to Bloomberg.
  • The long-term demand outlook for both natural gas and LNG remains very encouraging, Baker Hughes CEO Lorenzo Simonelli said, cited by Platts.
  • Argentina’s state-run Enarsa awarded its second LNG tender of 2024 to two companies, with one securing nine cargoes, according to Platts.
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TTF front month is stronger today with support from planned maintenance curtailing Norwegian gas supplies and recent storage withdrawals due to colder weather.

  • TTF MAY 24 up 2.9% at 29.85€/MWh
  • TTF Q3 24 up 2.7% at 30.43€/MWh
  • Warmer than normal temperatures are however forecast across Europe in the coming two weeks, with temperatures in NW Europe peaking around May1 before drifting back towards normal.
  • Norwegian pipeline supplies to Europe have today declined further with nominations of 273.3mcm/d compared to around 340mcm/d in mid-April. Flows are expected to decline further with capacity reductions still expected to peak at 101.7mcm/d on April 27 according to Gassco data.
  • European gas storage declined again yesterday amid net withdrawals in the two days to April 23. GIE data shows total stores are now 61.87% full compared to the five-year average of 45.1%.
  • The LNG vessel the Arctic Voyager has pulled into a jetty at Norway’s 4.3mtpa Hammerfest LNG plant this morning according to ICIS, suggesting the plant is ready to restart loading again.
  • The European Commission’s next sanctions package is expected to propose restrictions on Russian LNG for the first time: Reuters.
  • Europe will need to attract more ‘flexible’ LNG this summer as supply agreements expire, according to BNEF.
  • The US Freeport LNG export terminal reported a trip on the third liquefaction train according to a TCEQ filing yesterday.
  • US LNG exports are currently more profitable to Asia for June, July, and August delivery, according to Bloomberg.
  • The long-term demand outlook for both natural gas and LNG remains very encouraging, Baker Hughes CEO Lorenzo Simonelli said, cited by Platts.
  • Argentina’s state-run Enarsa awarded its second LNG tender of 2024 to two companies, with one securing nine cargoes, according to Platts.