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NATGAS: Gas Summary at European Close: TTF Up 8.5% on Week

NATGAS
Energy BulletsBulletPower BulletsCommodities

TTF is edging lower today; but is still set for an 8.5% rise on the week as the outlook remains supportive. The end of Russian flows via Ukraine, cooler temperatures, and outage at Norway’s Hammerfest LNG terminal have buoyed prices in recent days.

  • TTF FEB 25 down 1.3% at 49.62€/MWh
  • TTF Q1 25 down 0.3% at 47.73€/MWh
  • The main tightening driver for TTF at present is the colder-than-average weather currently forecast for the next two weeks, aided by low wind power and Norwegian production outages observed in December according to Goldman.
  • Inventories are at 72% compared to 86% at the same time last year placing more stockpiling demand on next summer. The five-year average is 77% according to GIE.
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 339.30 mcm/d vs 5-day moving avg 337.50 mcm/d according to Gassco.
  • Slovakia’s coalition government intends to discuss retaliatory measures against Ukraine after it halted Russian gas flow transit Slovak PM Robert Fico said.
  • Austria’s AGGM says other natural gas sources are compensating for the loss of Russian gas via Ukraine
  • Italy’s Energy Minister Gilberto Fratin has urged the EU to extend its emergency gas price cap and lower the ceiling to €50–60/MWh to shield consumers from potential energy price shocks, Fratin said in a radio interview, cited by Reuters.
  • US Front Month LNG Arb remains closed as TTF prices rally Spark Commodities reports.
  • A drilling ship will arrive in Egypt this month as operator ENI looks to work on increasing output from the giant Zohr offshore gas field
  • Brazil’s Eneva-operated Sergipe LNG terminal has resumed operations and is now able to inject gas into the grid, a source told Platts.
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TTF is edging lower today; but is still set for an 8.5% rise on the week as the outlook remains supportive. The end of Russian flows via Ukraine, cooler temperatures, and outage at Norway’s Hammerfest LNG terminal have buoyed prices in recent days.

  • TTF FEB 25 down 1.3% at 49.62€/MWh
  • TTF Q1 25 down 0.3% at 47.73€/MWh
  • The main tightening driver for TTF at present is the colder-than-average weather currently forecast for the next two weeks, aided by low wind power and Norwegian production outages observed in December according to Goldman.
  • Inventories are at 72% compared to 86% at the same time last year placing more stockpiling demand on next summer. The five-year average is 77% according to GIE.
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 339.30 mcm/d vs 5-day moving avg 337.50 mcm/d according to Gassco.
  • Slovakia’s coalition government intends to discuss retaliatory measures against Ukraine after it halted Russian gas flow transit Slovak PM Robert Fico said.
  • Austria’s AGGM says other natural gas sources are compensating for the loss of Russian gas via Ukraine
  • Italy’s Energy Minister Gilberto Fratin has urged the EU to extend its emergency gas price cap and lower the ceiling to €50–60/MWh to shield consumers from potential energy price shocks, Fratin said in a radio interview, cited by Reuters.
  • US Front Month LNG Arb remains closed as TTF prices rally Spark Commodities reports.
  • A drilling ship will arrive in Egypt this month as operator ENI looks to work on increasing output from the giant Zohr offshore gas field
  • Brazil’s Eneva-operated Sergipe LNG terminal has resumed operations and is now able to inject gas into the grid, a source told Platts.