Gas Summary: TTF Trades Higher

TTF front month is trading higher but removed some of the earlier gains as supply risks amid lower LNG arrivals and a second round of annual maintenance in Norway, paired with maintenance in the UK are weighed against healthy stock levels and lower industrial demand.

• TTF SEP 23 up 1.1% at 27.17€/MWh
• TTF front month reached an intra-day high of €28.38/MWh earlier in the session.
• Total European gas in store has risen to the top range of the five-year average of 85.37% full on 29 July, compared with the average of 70.13%. Net storage injections remain within the 2018-2022 average range.
• Norwegian pipeline imports stood at 340.4mcm/d today, compared with the five-day moving average of 334.2mcm/d.
• In Norway, a second round of annual gas maintenance is scheduled to start this week, paired with yearly maintenance at several UK facilities.
• LNG flows to northwest Europe on July 26 were 142.37mcm/d, 20% lower than the 30-day average.
• Russian President Putin said a Turkish gas hub for redistributing Russian gas remains on the agenda.
• US LNG exports are currently more profitable to Asia in September and October, to Europe in November. The US LNG netback to Europe is currently $5.10/MMBtu for September, up 0.3% from July 28.