Mid-Day Gas Summary: TTF Easing Back from High

TTF has eased back from the highest since June 3 at nearly €36.9 yesterday but still set for a net gain on the week amid the risk of LNG competition from Asia and warmer weather across Europe next week.

• TTF JUL 24 down 1.1% at 35.34€/MWh
• TTF Q3 24 down 1% at 35.78€/MWh
• TTF WIN 24 down 0.8% at 39.3€/MWh
• Asian prices have traded near the highest since December this week with tighter supply due to the Wheatstone outage and resilient demand. Asia continues to be the premium market for US LNG until the end of the year as of June 14, according to BNEF.
• The number of US LNG export cargoes fell last week to 25, according to the EIA as feedgas supplied to US export terminals remains curtailed.
• Europe’s energy system is expected to cope this winter, even in a cold scenario, but faces some tightness next summer amid higher Asia demand, said Ana Requeman at Engie cited by Montel.
• German natural gas consumption in the week to June 9 increased 19% from the previous week and was 11.3% above the 2018-21 average driven by a surge in industrial demand, Bnetza data showed.
• Egypt’s EGAS has issued a tender to buy at least 17 cargoes of LNG to cover rising demand for power during the summer, according to Bloomberg sources.