Gas Summary at European Close: TTF Weakens

TTF front month has lost ground in European afternoon trading, erasing earlier gains. Warmer weather forecasts and high stocks outweigh cuts to Norwegian pipeline supplies and continued tensions in the Red Sea.

• TTF MAR 24 up 0.4% at 28.72€/MWh
• TTF SUM 24 up 0.2% at 29.1€/MWh
• Israel's Channel 13 reporting that according to an unnamed senior Israeli official, the draft ceasefire proposal offered by Hamas has points that are "tantamount to "non-negotiable demands" from Israel."
• Norwegian pipeline supplies to Europe are today nominated at 307.0mcm/d
• Temperatures in NW and central Europe are forecast to remain above normal this week.
• European natural gas storage is at 68.61% full on Feb 5 according to GIE data.
• Shipping disruptions in the Red Sea have tightened the JKM-TTF spread as more Middle Eastern LNG flows head towards Asia: IEA analyst Greg Molnar.
• Global LNG imports are forecast to drop by 13% month on month in February, according to BNEF.
• China’s Guanghui Energy issued a strip tender on 6 February to purchase 12 LNG cargoes for one delivery per month from April 2024 to March 2025 according to Platts
• Qatar’s LNG vessel Al Nuaman has almost arrived at its destination in Italy after taking the long way around the Cape of Good Hope.
• Centrica has signed a deal with Repsol to purchase 1mn tons of LNG shipments between 2025 and 2027, Centrica said.
• Asian LNG re-exports have continued to outpace those in Europe so far in 2024, maintaining the trend seen in 2023, according to Platts.
• - MNI Commodity Weekly: Rising Americas’ Oil Output Poses Challenge For OPEC. Full piece here: https://enews.marketnews.com/ct/x/pjJscQTZlO4I6a9hJkh3HQ~k1zZ8KXr-kA8x6nDC5WmptIPjO1OcQ