NATGAS: Mid-Day Gas Summary: TTF Falls

TTF front month has extended losses through the morning to trade at the lowest since 7 February after reports stated the EC is weighing new powers to temporarily cap EU gas prices.

• TTF MAR 25 down 4% at 55.44€/MWh
• The European Commission is weighing new powers to temporarily cap EU gas prices as part of discussions around its “clean industrial deal” document to be presented next month sources said to the FT.
• A resolution on who will finance gas into storage is expected in the next couple of weeks with “some incentives” expected, said Vitol CEO Russell Hardy cited by Bloomberg.
• Temperatures in NW and central Europe are forecast to fall further below normal into the coming weekend before seeing a potential recovery back towards normal late next week.
• Norwegian pipeline supplies to Europe are nominated back up to 328.6mcm/d today after dipping yesterday due to an unplanned outage at Oseberg.
• European gas storage withdrawal has risen above normal again taking stores down to 47.89% full on Feb. 10, according to GIE, compared to the previous five year average of 56.1%.
• European LNG sendout rebounded to 460mcm/d on Feb. 10 after a dip lower over the weekend and compared to an average of 428mcm/d so far in February.
• Ukraine’s gas import demand is set to rise further on Wednesday as they seek European supplies to meet shortfalls following sustained attacks by Russia.
• LNG stockpiles held by Japanese utilities decreased 10.8% w/w on Feb. 9 to 2.15m tons, according to data released by the trade ministry cited by Bloomberg.
• TotalEnergies set to supply Gujarat State Petroleum Corporation with 400k tons/4 cargoes of LNG per year, Bloomberg reports.