Mid-Day Gas Summary: TTF Lowest Since May 2021

TTF front month has slid to its lowest since May 2021, as milder weather and high storage levels are pushing current prices to net losses of 8.5% during the week.

• TTF MAR 24 down -2.2% at 22.69€/MWh
• TTF SUM 24 down -2.1% at 23.25€/MWh
• Temperatures in NW Europe are expected to cool this weekend before edging higher during next week to remain above normal throughout to the two week forecast. Much of Eastern Europe is expecting unseasonably warm temperatures over the next week.
• Norwegian pipeline supplies to Europe are today nominated almost unchanged on the day at 339.8mcm/d amid the ongoing planned capacity reduction of 12.1mcm/d at Karsto until April.
• European gas storage was up at 64.69% full on Feb 21 according to GIE data compared to the seasonal five-year average of 48.0% after below normal withdrawals since Jan 18.
• European LNG sendout was at 379mcm/d on Feb 21 according to Bloomberg after reaching the highest since Jan. 18 at 402mcm/d the previous day.
• Vitol has signed a long term deal to buy natural gas from producer EOG Resources mostly indexed to Brent crude prices.
• FERC said on Friday it would decide on Venture Global’s one-year extension plan within 45 days, it said in a statement.
• China Gas purchased an LNG cargo on a Des basis for April delivery at around $8.30/mmbtu earlier this week, traders told Bloomberg.
• QatarEnergy is due to make an announcement on Sunday that will have a “significant” impact on the industry, a source told Reuters.