Mid-Day Gas Summary: TTF Holds Onto Losses

Front month TTF is holding onto losses throughout the morning, as weather forecasts in the region suggest temperatures to fall only briefly below seasonal normal, limiting the need for heating demand at the end of the 2023/24 winter season.

• TTF APR 24 down 2.7% at 27.01€/MWh
• TTF SUM 24 down 2.2% at 27.24€/MWh
• Weather forecasts for NW Europe suggest temperatures to briefly drop below normal at the end of this week before rising back above the seasonal average.
• German natural gas consumption last week fell 27.8% below the 2018-2021 average, as milder weather weighed especially on household demand, Bnetza data showed.
• Norwegian pipeline supplies to Europe continue to recover up to 337.0mcm/d today from a low of 313mcm/d on Mar. 17 amid field outages.
• European LNG sendout increased to 332mcm/d on Mar. 19 from a low of 304mcm/d over last weekend but still below the average of 343mcm/d so far in March.
• European gas storage was at 59.39% full on Mar. 19 according to GIE after near normal net withdrawal rates in the previous couple of days. The seasonal five year average is 41.9%.
• LNG stockpiles held by Japanese utilities declined by 6.43% last week to 1.6mn tons as of 17 March, the lowest since September, according to data released by the trade ministry.
• SEFE has signed an agreement with Oman LNG for the delivery of 0.4mtpa of LNG during 2026 and 2029, the firm said.