Mid-Day Gas Summary: TTF Lowest Since May 21

TTF is down today to its lowest level since May 21. Stable fundamentals and a restocking of gas is offsetting any potential LNG supply concerns from Freeport.

• TTF AUG 24 down 1.6% at 31.78€/MWh
• Gas flows to the Freeport LNG export facility in Texas were revised lower to 0.02 bcf/day on Tuesday according to BNEF.
• Norwegian nominated flows to the UK and Northwest Europe terminals at 331.60 mcm/d vs 5-day moving avg 330.46 mcm/d according to Gassco.
• Gas flows to the Freeport LNG export facility in Texas were revised lower to 0.02 bcf/day on Tuesday, according to early nominations data compiled by BloombergNEF - indicating the facility isn’t ready to resume production.
• European gas storage was 79% full on July 7 vs the 5-yr seasonal norm of 70% for this time of year according to GIE.
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days fell 8.9% over the last week, Bloomberg said.
• South Korea’s POSCO said on Tuesday that it has completed construction of the country’s first LNG terminal on the southern coast.
• North Asia’s LNG prices are set to decline as traders continue to offer cargoes for August delivery, according to Bloomberg.
• The latest EU sanctions on Russia signals the importance of LNG for Europe, Europe, Takashi Uchida, chairman of the Japan Gas Association said July 9, following the EU’s introduction of its 14th sanctions package against Russia, Platts said.