May 28, 2024 11:37 GMT
Mid-Day Gas Summary: TTF Loses Ground
NATGAS
Front month TTF is reversing some of Monday’s gains. Prior support came from lingering Gazprom cut off fears for Austria and ongoing Norwegian maintenance as the region heads into refill season.
- TTF JUN 24 down 4.6% at 33.64€/MWh
- TTF Q3 24 down 4.3% at 34.45€/MWh
- Maintenance at the UK’s St. Fergus gas terminal is set to last a few days longer than originally planned, further impacting gas flows from Norway, according to Gassco.
- Norwegian nominated flows to the UK and Northwest Europe terminals at 296.10 mcm/d vs 5-day moving average of 279.02 mcm/d accord to Gassco.
- European gas storage was 69% full on May 26 vs the 5-yr seasonal norm of 56% for this time of year according to GIE data.
- The EU adopted a law on Monday to monitor methane emissions from gas imports from 2030.
- Brunei LNG is working on restarting its onshore compressor plants following an outage on May 20, the company said Tuesday.
- Egyptian fertilizer production has slipped due to constrained natural gas supply for the country at present according to ICIS.
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