Gas Summary at European Close: TTF Within Last Week’s Range

TTF front month remains within the €38.5/MWh to €40.4/MWh range seen since Aug. 13 with Ukraine transit supply risks and Norwegian outages weighed against muted demand as storage approaches EU target levels.

• TTF SEP 24 up 1% at 40.05€/MWh
• June 2024 JODI Gas Data Highlights: Natural gas production increased 0.7bcm m/m in June and up 6.2bcm year-on-year.
• Gas transit flows via Sudzha have so far not been impact by Ukraine’s incursion into Kursk and are nominated at 42.05mcm/d today, according to Ukraine’s gas transmission operator.
• Norwegian pipeline supplies to Europe are down to 324.3mcm/d today with planned and unplanned capacity reductions of 24.6mcm/d today, Gassco shows. Equinor shut down production at Gullfaks C on Aug 18 and evacuated some workers as a precaution following a well incident. Other Gullfaks platforms were running as normal.
• Temperatures in NW Europe are expected near normal in the coming days but are forecast to edge slightly above normal towards the end of the month.
• The IEA’s Greg Molnar said that European gas storage has now reached over 90% full more than 2 months ahead of the November 1 target.
• European gas stores were up to 89.4% full as of Aug. 17 according to GIE compared to the five-year average of 81.4%.
• NWE LNG prices hit a year to date high on Aug. 16, with the market spooked by ongoing geopolitical concerns, Platts said.
• Key Asia market imports of spot LNG declined again in July, led by India and mainland China, according to a BNEF.
• Two South Korean LNG importers, Kogas and POSCO, recently awarded JKM-linked short-term tenders covering 2025-2027, Platts said.