Gas Summary at European Close: TTF Up 1.2% on Week

TTF remains within this week’s range with fundamentals relatively unchanged on the day. Healthy storage levels and a cooling weather forecast are set against import supply risks. Front month is up around 1.2% on the week.

• TTF AUG 24 down 1.4% at 34.36€/MWh
• TTF Q3 24 up 2.1% at 35.05€/MWh
• Temperatures in NW Europe are forecast to cool further in the coming days to drift below normal early next week. The second week of the outlook shows a recovery back to near or just above normal temperatures.
• Norwegian pipeline supplies to Europe are nominated up slightly on the day to 334mcm/d with small outages still at Kasto, Troll and Visund according to Gassco.
• Total European stores are up to 76.2% full on June 26 according to GIE compared to the five-year average of 66.1%.
• High temperatures in Egypt saw its power demand rise to its highest in history at 3500 megawatts on Thursday according to Attaqa.
• Russia's Gazprom will start annual pipeline gas exports to China of 10 billion cubic metres (bcm) in 2027 according to the company CEO.
• Indonesia’s Tangguh LNG facility is currently working to restore production from Train 2, said Hudi Suryodipuro at oil and gas regulator SKK Migas.
• The Panama Canal recovery is unlikely to restore the number of LNG transits of the choke point, according to BNEF.
• The number of US LNG export cargoes rose to 29 last week, according to the EIA despite a drop in feedgas flows to US LNG export terminals.
• A rescheduled LNG cargo that Argentina’s state-run Enarsa rejected from Gunvor in 2023 is now sailing with Algerian LNG to the Escobar terminal, Platts said.