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Mid-Day Gas Summary: TTF Eases Back

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TTF front month is easing back after strong gains seen yesterday. The market continues to weigh curtailed supplies from Norwegian maintenance against muted LNG demand.

  • TTF JUN 24 down 0.1% at 31.75€/MWh
  • TTF Q3 24 down 0.1% at 32.5€/MWh
  • Norwegian pipeline supplies to Europe are today nominated down at 178.9mcm/d with works today at Troll and Kollsnes. Gassco data shows total outages of 177mcm/d today declining back to around 55mcm/d later this week.
  • Temperatures in NW and central Europe are still forecasts to hold above normal throughout the two-week outlook and into the start of June.
  • Total European gas storage is still near the high end of the seasonal range at 67.15% full on May 19 according to GIE compared to the five-year seasonal average of 53.1%.
  • The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days fell by 7.7% over the last week to 3.45m tons as of May 19, according to Bloomberg estimates.
  • Global LNG imports remained relatively flat in the week to May 19 at 7.44m metric tons, according to BNEF.
  • China’s natural gas imports could rise to climb 300bcm and match domestic supply capacity to cover half of total demand which could plateau around 600bcm a year over 2035-2040, according to CNPC’s Economics and Technology Research Institute cited by Bloomberg.
  • A moratorium on new US LNG export projects could create opportunities for producers in the Middle East and Russia, Woodside’s CEO Meg O’Neill said, cited by Reuters.
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TTF front month is easing back after strong gains seen yesterday. The market continues to weigh curtailed supplies from Norwegian maintenance against muted LNG demand.

  • TTF JUN 24 down 0.1% at 31.75€/MWh
  • TTF Q3 24 down 0.1% at 32.5€/MWh
  • Norwegian pipeline supplies to Europe are today nominated down at 178.9mcm/d with works today at Troll and Kollsnes. Gassco data shows total outages of 177mcm/d today declining back to around 55mcm/d later this week.
  • Temperatures in NW and central Europe are still forecasts to hold above normal throughout the two-week outlook and into the start of June.
  • Total European gas storage is still near the high end of the seasonal range at 67.15% full on May 19 according to GIE compared to the five-year seasonal average of 53.1%.
  • The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days fell by 7.7% over the last week to 3.45m tons as of May 19, according to Bloomberg estimates.
  • Global LNG imports remained relatively flat in the week to May 19 at 7.44m metric tons, according to BNEF.
  • China’s natural gas imports could rise to climb 300bcm and match domestic supply capacity to cover half of total demand which could plateau around 600bcm a year over 2035-2040, according to CNPC’s Economics and Technology Research Institute cited by Bloomberg.
  • A moratorium on new US LNG export projects could create opportunities for producers in the Middle East and Russia, Woodside’s CEO Meg O’Neill said, cited by Reuters.