Gas Summary at European Close: TTF Trending Lower

TTF gas markets have erased the earlier gains to be trading lower on the day and are set to finish the week around 1.3% lower than it started. Prices remain volatile as potential supply disruptions from the conflict in Israel offer upside against short-term fundamentals, including near-full inventories and mild weather, which are weighing on the front curve.

• TTF NOV 23 down -0.8% at 50.42€/MWh
• TTF Q1 24 up 0.4% at 55.1€/MWh
• Iran's Foreign Minster Hossein Amirabdollahian warned at the UN on Thursday that if Israel's retaliation against Palestinian militants Hamas in the Gaza Strip doesn't end then the US will "not be spared from this fire." - stoking tensions ahead of the latest strikes.
• Weather forecasts for NW Europe have been slightly revised up with temperatures above the seasonal norm for most days until 6 November.
• Norwegian pipeline supplies to Europe are today up at slightly up at 316.2mcm/d. Curbs at Oseberg are still ongoing, while cuts at Troll were scheduled to end today.
• European gas storage levels stood at 98.71% full on 25 Oct according to GIE data compared to the five year average of 90%.
• LNG flows to North West Europe were slightly down to 230.75mcm/d on 25 October, compared from 252.87% the day prior.
• FERC on Thursday agreed to a revised commissioning plan for Venture Global LNG's Calcasieu Pass facility, allowing it to turn on three processing trains while work on faulty power equipment continues according to Reuters.
• China’s LNG terminal inventory was 367.9k mt as of Oct. 26, down 8.4k mt on the previous week, according to OilChem.
• Chevron is prioritising gas supply to Israel and Jordan from wells in the Mediterranean Sea despite following the temporary closure of the Tamar field during the current outbreak of conflict with Hamas, according to Bloomberg.
• Egypt could restart LNG exports as domestic demand is seasonally lower, Deputy COO or Natural Resources at Eni, Cristian Signoretto, said during the earnings call.