Mid-Day Gas Summary: TTF in Reverse

TTF front month is continuing its reversal from a peak of nearly 34€/MWh last week. Downside comes from an easing geopolitical risk premium amid no further escalation in Israel-Iran tensions.

• TTF MAY 24 down 1.2% at 28.97€/MWh
• TTF Q3 24 down 1.2% at 29.6€/MWh
• Colder than normal temperatures are still expected across Europe in the coming days but are forecast to rebound back above normal next week.
• Norwegian pipeline supplies to Europe are today nominated down to 330.1mcm/d. Supply could fall further in the coming days with the start of more planned seasonal maintenance.
• Equinor's Hammerfest LNG plant in Norway was evacuated on Tuesday due to a gas leak, according to Reuters.
• European gas storage has remained almost unchanged since April 16 and at 62.12% full on Apr. 21 according to GIE but remains above the previous five year range and the seasonal five year average of 44.4%.
• Ukraine does not plan to renew any interconnector agreement allowing Russian gas transits via Ukraine to Europe, said Andrii Prokofiev from the Gas TSO of Ukraine.
• Spanish gas demand fell 4% on the year in Q1 2024 according to Engas.
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days fell by 7.3% over the last week to 3.42m tons as of April 21, according to Bloomberg.
• Shell Plc, TotalEnergies SE and Mitsui & Co. are in talks to buy stakes in the Adnoc Ruwais LNG export project in the UAE, according to Bloomberg.