Gas Summary at European Close: TTF Up 10.3% on Week

Front month TTF has slipped today but remain up around 10.3% on the week. Some of the concerns around additional stockpiling over summer and milder weather boosting demand are abating.

• TTF JUN 24 down 3.6% at 33.97€/MWh
• TTF Q3 24 down 3.5% at 34.76€/MWh
• Planned maintenance at some of Norway’s gas assets at the end of this month has also pushed up European gas prices.
• Norwegian nominated flows to the UK and Northwest Europe terminals at 285.70 mcm/d vs 5-day moving avg 270.12 mcm/d according to Gassco.
• Norway’s Equinor plans to boost gas output from Troll field, Europe’s largest, it said in a statement Friday – a boost for European energy.
• LNG flows to Northwest Europe on May 22 were 146.09 mcm/d, 19% lower than the 30 day average.
• LSEG data showed on Thursday that weather forecasters expect a sharp drop in wind speeds in northwest Europe from Friday.
• European gas storage was 68% full on May 22 vs the 5-yr seasonal norm of 54% for this time of year according to GIE.
• France's Fos Tonkin terminal is out for maintenance, with no regas capacity from 25 May to 9 June according to ICIS.
• Asia’s LNG prices rose to the highest level in five months as a production disruption in Brunei could further constrict supply.
• Russia could be building an ‘LNG dark fleet’ to transport natural gas cargoes in the face of Western sanctions, mirroring operations in the oil market, shipowner Flex LNG said May 23, cited by Platts.