Gas Summary at European Close: TTF Up on Norway Outage

TTF has found support today following a new unplanned outage at the Nyhamna processing facility according to Gassco.

• TTF JUL 24 up 1.1% at 34.6€/MWh
• TTF Q3 24 up 1.2% at 35.13€/MWh
• Nyhamna will have a capacity reduction of 33.8mcm/d on June 18 due to failure of an external power supply. The duration of the outage is uncertain.
• Gassco has also delayed maintenance at the UK’s Easington gas terminal by two days with reduced capacity of 15.7mcm/d now expected from June 25 -July 5.
• Temperatures across Europe are forecast to hold above normal in the coming week.
• Norwegian pipeline supplies to Europe are nominated lower on the day to 321.8mcm/d.
• Total European gas storage was up to 73.41% full on June 16 according to GIE compared to the five-year seasonal average of 63.0%.
• Norway’s Vaar Energy has extended a long-term supply deal with Germany’s VNG by 12 years.
• Ukraine has pumped 1.6bcm of natural gas into its underground storage facilities since the start of the season according to Naftogaz.
• China imports of LNG rose 3.4% y/y in May while January to May imports were up 18.1%, GACC data showed.
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days rose again by 16% last week to the highest since November to 4.67m mt June 16, Bloomberg said.
• Global LNG imports rebounded 18% in the week to June 16 to 7.66m mt, BNEF said.
• JKM prices break above the oil-indexed range for the first time since December amid tightening fundamentals ahead of the Asian cooling season, according to IEA analyst Greg Molnar.