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Gas Summary at European Close: TTF Trading Lower

NATURAL GAS
  • TTF DEC 23 down -0.5% at 45.9€/MWh
  • The latest weather forecast shows a brief cold spell in UK and Italy over the weekend before returning back above normal into the middle of the month.
  • European LNG sendout increased up to the highest since June 406mcm/d on 6 Nov. LNG imports into Northwest Europe are expected to see a month on month rise in November based on current arrival rates according to Bloomberg.
  • Norwegian pipeline supplies to Europe are today up near the highest of the year at 341.7mcm/d but is expected to dip again into the weekend with a 20.5mcm/d outage at Oseberg on 10-12 Nov.
  • European natural gas storage levels are almost unchanged from yesterday at 99.62% full on 6 Nov with net injections of just 97GWh/d according to GIE data. The previous five year average for this time of year is 90.0% with withdrawals starting from 3 Nov.
  • LNG stockpiles held by Japanese power generators increased by 8.72% week on week to 2.37 million tons as of 5 November, well above the five-year average, according to data released by the trade ministry.
  • China’s LNG imports in the first ten months of this year were up by almost 15% from 2022 levels according to ICIS.
  • Qatar’s Ras Laffan mega LNG complex is still likely to still undergoing maintenance, as no tankers have loaded at the Ras Kaffan Berth 3 since 7 September, Bloomberg ship-tracking data showed, which led to a significant decline in October shipments.
  • Nigeria’s export LNG facility at Bonny continues to remain under a force majeure, with current output now falling to below 50% of its nameplate capacity of 22.5m mtpa, according to Platts.
  • Excelerate Energy said Nov. 8 that it has signed a long-term deal to supply LNG to Bangladesh’s Petrobangla, according to Bloomberg.
  • New Fortress Energy expects LNG production to begin at Mexico’s Altamira export plant by the end of 2023, according to Reuters.
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