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Mid-Day Gas Summary: TTF Eases Back from Friday High

NATGAS

TFF front month has pulled this morning after having reached its highest level since early June on Aug. 2. Muted demand and healthy storage remain set against potential supply disruptions. Israel output could be at risk amid rising tensions with Iran and Hezbollah.

  • TTF SEP 24 down 5.1% at 34.77€/MWh
  • Temperatures in NW Europe are forecast slightly above normal this week before cooling back to near normal during the second week of the outlook.
  • Norwegian pipeline supplies to Europe have risen to the highest since January at 351.7mcm/d today. An unplanned Asgard outage of 5.7mcm/d today due to process problems has reduced flows for today from an earlier estimation of 356mcm/d.
  • European gas in store is slowly gaining towards the prewinter target and up to 85.7% full on Aug 3 according to GIE compared to the five-year average of 77.1%.
  • Recommendations for Woodside Energy Browse gas project will be released in 2025 according to the regulator, responding to media reports over the weekend it may be rejected.
  • Russia’s Sakhalin-2 LNG plant has fully resumed LNG output after maintenance according to the plant’s operator on Monday.
  • Portugal’s Galp has increased its access to US LNG volumes by signing a SPA with Cheniere Marketing.

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