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Mid-Day Gas Summary: Gas Edges Lower

NATURAL GAS

TTF prices are drifting down towards the lows of the year just above 30€/MWh despite the surge in LNG sendout and storage withdrawals to cover the increased heating demand amid cold weather this week.

    • TTF FEB 24 down -0.7% at 30.71€/MWh
    • TTF SUM 24 down -0.5% at 30.83€/MWh
  • Below normal temperatures in NW are expected to continue into next week before increasing to near normal in the second week of the outlook. Temperatures in central Europe could return to normal slightly sooner over the coming weekend.
  • German natural gas consumption last week stood 19.9% below the 2018-2021 average, Bnetza data showed.
  • European natural gas storage was down to 82.64% full on Jan 9 according to GIE data after a jump in withdrawals driven by the cold weather. Storage remains well above the seasonal five year average of 70.4%.
  • Azerbaijan is in talks to export gas to several more European countries according to President Ilham Aliyev on Wednesday with plans to increase production from new and existing deposits.
  • Net European LNG import sendout rose again on Jan 9 up to the highest since April at 509mcm/d on Jan 8 with the highest Iberia supply since 2022 according to Bloomberg.
  • East Asia accounted for 53% of global LNG imports during 4Q 2023, up from a share of 51% a year earlier according to ICIS LNG Edge.
Energy BulletsCommodities
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