Mid-Day Gas Summary: TTF on Track for Sharp Weekly Net Decline

TTF gas removed earlier gains to trade lower on the day continuing the recent bearish trend amid low demand, high storage levels and sufficient supplies despite some curtailments in Norwegian gas supplies. TTF Front month is on track for a sharp weekly net decline.

• TTF MAR 24 down -1.8% at 24.51€/MWh
• TTF SUM 24 down -1.3% at 25.23€/MWh
• TTF WIN 24 down -1% at 29.18€/MWh
• Goldman Sachs lowered the Bal24 TTF price forecast by €10/MWh to €31/MWh due to a mild winter and lower coal and carbon costs, the bank said in a note.
• The latest weather forecast still shows warm temperatures this week but NW and central Europe are seeing a slight cooling trend into next week back towards below normal in the last week of the month.
• European natural gas inventories stood at 65.94% on 13 February, well above the five-year average of 50.756%, GIE data showed. Net withdrawals are below the seasonal norm since 20 January
• Norwegian pipeline supplies to Europe are down on the day at 315mcm/d today amid the unplanned outage at the Kollsnes facility limiting supplies by 23mcm/d until 17 Feb.
• European LNG sendout so far this month averaged 337mcm/d as of 14 February, below an average of 386mcm/d seen in Jan.
• A majority of the Republican backed US House of Representatives backed a bill to reverse Biden’s pause on LNG export approvals Thursday.
• Japanese electric utilities will not be affected in the short-term by the US’ pause on new LNG export permits, but may face issues if the halt becomes long-term, according to Reuters.
• Venture Global LNG has sought a one-year permit extension to complete construction of its Calcasieu Pass project in Louisiana.