Mid-Day Gas Summary: TTF Climbs

TTF has climbed today as front month remains sensitive to supply risks amid the recent Norway disruption and competition for LNG supplies from Asia. The news of the Wheatstone LNG suspension and repairs seems to have added extra bullish pressure.

• TTF JUL 24 up 1.7% at 34.83€/MWh
• TTF Q3 24 up 1.7% at 35.27€/MWh
• Chevron’s Wheatstone offshore gas facility in Australia has suspended production to complete repairs to the fuel system: company statement.
• Norwegian pipeline supplies to Europe are today steady at 327.8mcm/d.
• Temperatures in NW and central Europe are forecast to gradually increase over the coming week to return above normal into the second half of June.
• Total European gas storage was up to 71.75% full on June 9 according to GIE compared to the five-year seasonal average of 60.6%.
• Ukraine expects more European companies to use its gas storage by September and is in talks with more than 100 firms despite ongoing Russian attacks on its gas infrastructure.
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days rose by 21% over the last week to 4.28m mt as of June 9.
• Russia's January-May LNG exports increased by 6.3% y/y to 13.6m mt according to LSEG data.
• Global LNG imports fell 7% in the week to June 9 to 6.54m mt: BNEF.
• Russian gas deliveries to Europe via Ukraine totalled 1.31 Bcm in May, up 5% on the year, but just 39% of contracted volumes.
• The combined Russian pipeline natural gas and LNG volume in May 24 exceeded US supply into EU and UK for the first time in 21 months: ICIS.