Free Trial

Mid-Day Gas Summary: TTF in Reverse

NATGAS

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.
249 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

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.