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Mid-Day Gas Summary: TTF Climbs

NATGAS

TTF front month is at its highest level since July 8 amid concern for rising competition for LNG supplies due to a heat wave in northern Asia. The TTF rally is despite rising Norwegian supply and the return of the US Freeport LNG terminal.

  • TTF AUG 24 up 3.2% at 33.52€/MWh
  • TTF 1-2 spread up 0€/MWh at -0.84€/MWh
  • TTF WIN 24 up 1.9% at 38.23€/MWh
  • TTF SUM 25 up 1.7% at 37.2€/MWh
  • Temperatures in NW Europe are expected to hold above normal throughout the two-week forecast although with a slight dip back towards normal late this week.
  • Norwegian pipeline supplies to Europe are today up to the highest since late June at 340.6mcm/d with Gassco showing a further decline in outages to the end of the month.
  • European gas storage is up to 84.12% full on July 27 according to GIE compared to the five-year average of 75.0% amid slightly below normal injection rates.
  • Freeport gas flows on Sunday suggested the facility was set to return to full production - pulling over 2bcf according to LSEG data.
  • Asian LNG imports are on track to rise to the highest since January at 24.85m metric tons in July,
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