Mid-Day Gas Summary: TTF Dropping

TTF markets have been falling so far today with high storage levels and little sign of below normal temperatures in Europe offsetting supply concerns while near term fundamentals remain largely unchanged.

• TTF NOV 23 down -4.1% at 49€/MWh
• TTF Q1 24 down -2.4% at 56.05€/MWh
• Norwegian pipeline supplies to Europe are today at 306.2mcm/d but could rise tomorrow with the expected return of an Oseberg outage on 24 Oct.
• Small injections into European natural gas storage continue to bring levels up to 98.44% full on 21 Oct according to GIE data compared to the five year average of 89.85%.
• Total European LNG sendout averaged just around 311mcm/d in the week to 21 Oct compared to around 370mcm/d for the same period last year.
• Eni signed a deal with QatarEnergy to buy LNG for the duration of 27 years according to ENI.
• US LNG exports are currently more profitable to Asia in December, January 2024 and February 2024 according to BNEF.
• JKM Nov 23 down -1.4% at 18.1$/mmbtu
• JKM-TTF Nov 23 up 0.2$/mmbtu at 2.95$/mmbtu
• Eesti Gas has purchased an additional LNG cargo from the US for end-November delivery to cover Finland’s gas consumption, following the shut down of the Balticconnector gas pipeline earlier this month, Margus Kaasik, Chairman of the Management Board of Eesti Gaas, said.
• Russia’s Gazprom is in talks with China to increase supplies through the Power of Siberia to more that the planned level of 38 billion bcm/year, according to its CEO, Alexei Miller.
• Korea Gas doesn’t expect any LNG supply shortage this winter despite the ongoing conflict between Israel and Hamas.
• Platts launched the first LNG price assessment covering Southeast Asia, amid the region’s growing demand for the fuel.