Mid-Day Gas Summary: TTF Falling

TTF is falling today as gas in store builds amid easing supply risks. However, front month remains above the monthly low of €30.3256/MWh seen on July 11.

• TTF AUG 24 down 2.5% at 31.37€/MWh
• A second tanker has arrived at Freeport LNG since the facility resume production, according to Bloomberg. Feedgas flows are up to 0.76bcf/d, consistent with the operation of one of the three trains.
• Temperatures in NW Europe are forecast near normal in the coming days but could edge back slightly above normal into the weekend and through the second week of the outlook.
• Norwegian pipeline supplies to Europe are today nominated at 322.9mcm/d with Gassco showing outages until July 28 peaking at 40mcm/d on July 24.
• European gas storage injections have risen to 82.53% full on July 20 according to GIE compared to the five-year average of 73.0% with steady injection rates.
• The risk of a natural gas cut-off for Austria’s OMV seemingly passes for another month according to ICIS analyst Tom Marzec-Manser.
• An LNG tanker arrived at the Freeport LNG terminal on Sunday evening – the second since its partial restart following the Hurricane Beryl shutdown.
• Global gas consumption is set to reach a record high of 4200bcm this year after growing by an estimated 3% yoy in the first half of 2024, according to IEA analyst Greg Molnar.
• The pace of US LNG contracting in H1 2024 nearly matches the pace seen a year earlier, according to Energy Intelligence.
• South Korea’s KOMIPO has cancelled plans to build an LNG import terminal on the western coast of the country due to high costs and declining demand, Reuters said.