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NATGAS: Mid-Day Gas Summary: TTF Loses Ground

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TTF front month extends the trend lower this week with rising LNG imports helping to keep storage withdrawals near normal levels, while temperatures are forecast to recover next week.

  • TTF FEB 25 down 2.1% at 44.59€/MWh
  • Temperatures in NW Europe are still expected to stay below normal into early next week before rising back to normal or just above during the second week of the outlook.
  • European LNG sendout was up to the highest since mid-December at 403mcm/d on Jan. 7 compared to an average of 342mcm/d in the previous week.
  • The unplanned outage of 18.4mcm/d at Hammerfest LNG was yesterday extended by ten days until 19 January, Gassco showed.
  • European gas storage has fallen to 68.83% full on Jan. 6, according to GIE, compared to the previous five-year average of 74.85% as withdrawals again hold near normal.
  • Norwegian pipeline supplies to Europe are nominated at 320.7mcm/d today, according to Bloomberg. Gassco shows unavailable capacity of 36mcm/d falling back to 20mcm/d on Jan. 11.
  • Rising LNG prices have driven Asian prices to a premium over oil and favour a switch from gas to oil products for electricity generators and big industrial consumers, according to Bloomberg.
  • India’s new Chhara LNG import facility in Gujarat has received its first shipment, according to Bloomberg.
  • As EU storage draws surged to their second highest level in the last 10 years, stocks are now 15 bcm below 2024 levels, pointing to a tighter summer market, the IEA’s Greg Molnar said via LinkedIn.
  • Most US LNG cargoes will continue to flow into Europe as the arbitrage economics remain more favorable than Assia according to Rystad.
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TTF front month extends the trend lower this week with rising LNG imports helping to keep storage withdrawals near normal levels, while temperatures are forecast to recover next week.

  • TTF FEB 25 down 2.1% at 44.59€/MWh
  • Temperatures in NW Europe are still expected to stay below normal into early next week before rising back to normal or just above during the second week of the outlook.
  • European LNG sendout was up to the highest since mid-December at 403mcm/d on Jan. 7 compared to an average of 342mcm/d in the previous week.
  • The unplanned outage of 18.4mcm/d at Hammerfest LNG was yesterday extended by ten days until 19 January, Gassco showed.
  • European gas storage has fallen to 68.83% full on Jan. 6, according to GIE, compared to the previous five-year average of 74.85% as withdrawals again hold near normal.
  • Norwegian pipeline supplies to Europe are nominated at 320.7mcm/d today, according to Bloomberg. Gassco shows unavailable capacity of 36mcm/d falling back to 20mcm/d on Jan. 11.
  • Rising LNG prices have driven Asian prices to a premium over oil and favour a switch from gas to oil products for electricity generators and big industrial consumers, according to Bloomberg.
  • India’s new Chhara LNG import facility in Gujarat has received its first shipment, according to Bloomberg.
  • As EU storage draws surged to their second highest level in the last 10 years, stocks are now 15 bcm below 2024 levels, pointing to a tighter summer market, the IEA’s Greg Molnar said via LinkedIn.
  • Most US LNG cargoes will continue to flow into Europe as the arbitrage economics remain more favorable than Assia according to Rystad.