Mid-Day Gas Summary: TTF Creeps Down

Front month TTF has softened after an initial rise in the morning. Colder weather and geopolitical tensions are weighed against robust supplies.

• TTF MAR 24 down -0.1% at 29.57€/MWh
• TTF SUM 24 down -0.3% at 30.05€/MWh
• Temperature in NW and central Europe are still expected to remain mild through the middle of February but above normal temperatures in the coming week could ease back to near normal later in the two-week forecast.
• Norwegian pipeline supplies to Europe are nominated slightly higher today up to 348.3mcm/d and in line with the average throughout January.
• Net storage withdrawals remain below normal as European natural gas storage holds well above normal at 71.13% full on Jan 29 according to GIE data.
• LNG stockpiles held by Japanese utilities declined by 13.3% to 2.16mn tons last week as of 28 January, the lowest level since October.
• The spot volume share in global LNG imports averaged 24% last year, up from 22% in 2022 according to BNEF.
• European LNG send out increased back up to 358mcm/d on Jan 29 from as low as 298mcm/d the previous day.
• The spot volume share in global LNG imports averaged 24% last year, up from 22% in 2022 according to BNEF.
• Russia is currently not in talks with Ukraine on the possible extension of their natural gas transit agreement beyond 2023, Russia’s Deputy Prime Minister Alexander Novak said.
• GAS POSITIONING - The ICE TTF net short position for Investment Funds reduced slightly on the week but remained as a small net short according to the latest positioning data.