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Mid-Day Gas Summary: TTF Gains Ground

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TTF front month has reversed some earlier losses to be trading higher, with support from competition for LNG cargoes with Asia. The arbitrage economics for marginal US cargoes continues to favour the Far East.

  • TTF JUL 24 up 0.6% at 33.55€/MWh
  • TTF Q3 24 up 0.5% at 33.9€/MWh
  • Norwegian pipeline supplies to Europe are today nominated at 273.4mcm/d but is expected to increase from tomorrow with the expected return of Nyhamna from unplanned outage. The Nyhamna capacity reduction will reduce from 79.8mcm/d to 44.8mcm/d tomorrow, according to Gassco.
  • European LNG sendout has edged up from 218mcm/d on June 1 to 258mcm/d on June 4 but remains low compared to last month and this time last year.
  • Temperatures in NW Europe are expected to remain cool and fall below normal into next week before seeing a potential recovery back to normal in mid-June.
  • Total European gas storage was up to 70.73% full on June 4 according to GIE compared to the five-year seasonal average of 59.0% amid below normal net injection rates.
  • Hungary has no plans to move away from Russian gas and is pleased with the current cooperation between the two nations according to Hungarian Foreign Minister Peter Szijjarto Thursday.
  • Indian Oil Corp. is in talks with LNG suppliers for long-term contracts although is waiting for policy guidance from the government, according to Bloomberg.
  • Brazil’s Guanabara Bay regasification terminal is set to receive its first LNG cargo in nearly five months on June 6 according to Platts vessel tracking.
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TTF front month has reversed some earlier losses to be trading higher, with support from competition for LNG cargoes with Asia. The arbitrage economics for marginal US cargoes continues to favour the Far East.

  • TTF JUL 24 up 0.6% at 33.55€/MWh
  • TTF Q3 24 up 0.5% at 33.9€/MWh
  • Norwegian pipeline supplies to Europe are today nominated at 273.4mcm/d but is expected to increase from tomorrow with the expected return of Nyhamna from unplanned outage. The Nyhamna capacity reduction will reduce from 79.8mcm/d to 44.8mcm/d tomorrow, according to Gassco.
  • European LNG sendout has edged up from 218mcm/d on June 1 to 258mcm/d on June 4 but remains low compared to last month and this time last year.
  • Temperatures in NW Europe are expected to remain cool and fall below normal into next week before seeing a potential recovery back to normal in mid-June.
  • Total European gas storage was up to 70.73% full on June 4 according to GIE compared to the five-year seasonal average of 59.0% amid below normal net injection rates.
  • Hungary has no plans to move away from Russian gas and is pleased with the current cooperation between the two nations according to Hungarian Foreign Minister Peter Szijjarto Thursday.
  • Indian Oil Corp. is in talks with LNG suppliers for long-term contracts although is waiting for policy guidance from the government, according to Bloomberg.
  • Brazil’s Guanabara Bay regasification terminal is set to receive its first LNG cargo in nearly five months on June 6 according to Platts vessel tracking.