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Mid-Day Gas Summary: TTF Climbs

NATGAS

TTF has found some support during the European morning. Upside comes from continued curtailed Norwegian supply due to maintenance and competition with Asia for LNG volumes.

  • TTF JUN 24 up 2.3% at 31.3€/MWh
  • TTF Q3 24 up 2.5% at 31.98€/MWh
  • Norwegian pipeline supplies to Europe are today nominated at 289.1mcm/d with Gassco showing outages of 65.9mcm/d today falling to 30.4mcm/d in the next couple of days.
  • Temperatures in NW Europe are expected to hold above normal throughout the two-week forecast although could cool slightly after rising in the coming days to a high around May 12.
  • Total European gas storage was 63.81% full on May 6 according to GIE compared to the five-year seasonal average of 48.8%. Net injections were nearly 23% below the previous five-year average levels over the previous week.
  • Turkey's BOTAS signed an LNG trade deal with ExxonMobil on Wednesday according to the Turkish Energy Minister.
  • US LNG exports are currently more profitable to Asia from June-November, according to BNEF, based on TTF, JKM, and freight prices May 9.
  • Natural gas supply to Freeport LNG has risen to its highest level since late January, according to Bloomberg.
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