Mid-Day Gas Summary: TTF Holding in Range

TTF front month is still holding within the €38.5/MWh to €40.45/MWh range seen since Aug. 13 as gas storage approaches EU target levels to help offset ongoing supply sensitivity ahead of the Norwegian maintenance season.

• TTF SEP 24 down 0.4% at 39.69€/MWh
• Gas transit flows via Sudzha are still nominated near normal at 42.4mcm/d today, according to Ukraine’s gas transmission operator.
• Norwegian pipeline supplies to Europe are unchanged on the day at 324.0mcm/d today with, Gassco showing capacity reductions of 23mcm/d today rising to 43mcm/d on Aug 24.
• Temperatures in NW Europe but are forecast to warm back above normal towards the end of the month and into the start of September.
• European gas stores were just below the EU pre winter target at 89.77% full on Aug 18 according to GIE compared to the five year average of 81.7% as net injections rise above normal.
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days fell by 6.5% last week to 3.45m tons as of Aug 18, according to Bloomberg estimates.
• The return of France's Montoir LNG terminal from maintenance has been delayed again until Wednesday.
• The LNG tanker Pioneer, which loaded from the sanctioned Arctic LNG-2 facility in Russia, is heading towards the Suez Canal via the Mediterranean Sea, Bloomberg said.
• LNG tanker Diamond Gas Crystal is now heading towards Asia after being diverted from its original route to Europe, Platts said.
• Goldman Sachs maintains its view that Russian gas flows through Ukraine will only halt from January 2025 - when the existing Ukraine gas transit agreement with Russia expires.