Mid-Day Gas Summary: TTF Holds Onto Loses

Front month TTF is holding onto most of the losses but rebounded slightly from the lowest since Jul 31 of 26.6€/MWh earlier as steady supplies and muted demand due to warm weather and high wind power generation forecasts weigh on near term prices.

• TTF FEB 24 down -4.1% at 27.27€/MWh
• TTF SUM 24 down -3.2% at 28.09€/MWh
• Temperatures in NW Europe and central Europe are forecast to hold above normal throughout the two week forecast period and into the start of February.
• Norwegian pipeline supplies to Europe remain strong with today nominated at 353.3mcm/d.
• European natural gas storage remains well above normal up at 75.0% full on Jan 20 according to GIE data despite strong withdrawals in January and compared to the seasonal five year average of 64.0%.
• Prisma European Capacity Platform will introduce mid term gas tenders with buyers able to submit demand for seasonal six month periods according to a statement on Friday.
• European LNG sendout has pulled back from the levels seen earlier in Jan with an averaged down to around 390mcm/d since mid last week.
• The Karadeniz LNGT Powership Anatolia tanker arrived at the Tango floating LNG facility in Congo on 20 January, Bloomberg ship tracking data showed, indicating exports from the facility could start soon.
• Qatar Energy may within weeks sign a long-term LNG supply deal with Indian buyers, offering cheaper and more flexible terms than current contracts according to Reuters reports.
• India’s natural gas demand was 6% on the year in 2023, according to Argus.