Mid-Day Gas Summary: TTF Flat

TTF has been stable today amid easing global supply concerns after the restart of Australia’s Wheatstone LNG, coupled with milder weather forecasts for July. However, Europe still faces stiff competition from Asia for US LNG cargoes.

• TTF JUL 24 up 0% at 33.95€/MWh
• TTF Q3 24 down 0.3% at 34.4€/MWh
• Chevron has restarted full LNG production and domestic gas supplies at the Wheatstone gas facility, according to a statement on Jun 23. Hammerfest LNG however halted after an unexpected outage due to a sudden loss of power and is expected offline until 21:00CET.
• Above normal temperatures in NW and central Europe in the coming week are forecast to drift back to near normal levels into the start of July and throughout the second week of the outlook.
• Norwegian pipeline supplies to Europe are today nominated at 322.9mcm/d amid outages at Visund, Karsto, Troll and Dvalin, according to Gassco.
• Norway’s 6.5bcm per year Hammerfest LNG, also known as Melkoeya, halted on Saturday after an unexpected outage due to a sudden loss of power.
• Total European stores are up to 75.05% full on June 22 according to GIE compared to the five-year seasonal average of 64.9%.
• Asian LNG imports are expected to dip slightly m/m in June to 23.18m metric tons but with support from strong imports from India, according to Reuters.
• Russia’s Novatek sent its first cargo of LNG to Asia via the Arctic Northern Sea route, according to Kommersant, cited by Reuters.