Mid-Day Gas Summary: TTF Falls

TTF front month is easing back slightly today but heading for a net gain on the week. Supply risks from rising Middle East tensions and strong LNG demand from Asia remain supportive.

• TTF SEP 24 down 1.1% at 36.55€/MWh
• Slightly cooler temperatures, nearer to normal, are expected in NW Europe over the weekend before rising back above normal into next week and through the middle of August.
• Norwegian pipeline supplies to Europe are today at 341.9mcm/d
• European gas in store is up to 85.12% full on July 31 according to GIE compared to the five-year average of 76.1% as injection rates hold just below normal.
• Gazprom’s Portovaya LNG facility in the Black Sea completed maintenance in July and is operating normally according to Kommersant reports.
• The final investment decision for the Mexico LNG export project is being impacted by the Biden administration pause on permitting on new US export sites, said ConocoPhillips Senior VP Andy O’Brien cited by Bloomberg.
• The number of US LNG export cargoes rose to 24 last week from 21 the previous week, according to the EIA as feedgas flows to US LNG export terminals also increased.
• ExxonMobil and QatarEnergy have delayed the start of its Golden Pass LNG project in Texas, until late 2025 due to a contractor dispute according to its CFO Kathy Mikells.
• Russian gas supply in July via the TurkStream pipeline to southeast Europe hit the second highest monthly level since the pipeline began operations, Platts said.
• The Asian share of global LNG imports rose to 60% in July and the highest since Jan 2022, according to ICIS. Europe’s share fell 3 percentage points to the lowest since September 2021 at 17%.