Mid-Day Gas Summary: TTF Extends Decline

TTF front month is extending the recent decline, falling towards the lows of around €36.1/MWh from Aug 23 despite ongoing Norway maintenance. Prices are under pressure from healthy storage, a lower recent geopolitical risk premium and with weaker prices across the energy complex.

• TTF OCT 24 down 1.5% at 36.63€/MWh
• Norwegian pipeline supplies to Europe are up slightly on the day to 195.4mcm/d today, according to Bloomberg.
• Temperatures in NW Europe are expected to hold above normal through the coming weekend but are expected to gradually drop next week.
• European gas storage is 92.52% full on Sep 2 according to GIE compared to the five-year average of 85.2%.
• Gas transit flows via Sudzha are nominated at 42.3mcm/d today.
• Russian President Vladimir Putin is set to hold a discussion with Serbian officials this week to discuss a gas supply contract that expires in March 2025.
• North Asian LNG demand will reach 113.9m tons over winter 2024-25, up 4.7m tons or 4.3% year-on-year led by South Korea, BNEF said.
• The Power of Siberia pipeline from Russia to China will reach full capacity on Jan. 1, 2025, according to Gazprom Deputy CEO Vitaly Markelov.
• LNG stockpiles held by Japanese utilities fell 11.2% w/w to 1.83m tons in the week to Sept. 1, according to data released by the trade ministry.
• Australia's Santos has signed a mid-term LNG supply deal with Glencore Singapore. The agreement is to supply 19 LNG cargoes, or up to about 0.5 million tonnes of LNG per annum over a period of three years plus one quarter.