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NATGAS: Mid-Day Gas Summary: TTF Pulls Back

NATGAS
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TTF front month is pulling back amid a reduction in storage withdrawals as mild weather across Europe eases demand pressures, with additional downside from talks on EU gas supply from Azerbaijan and the first cargo from the Hammerfest LNG plant.

  • TTF FEB 25 down 3.2% at 48.12€/MWh
  • Temperatures are forecast to remain above normal across much of Europe this week.
  • Norwegian pipeline supplies to Europe are nominated at 329.9mcm/d today, according to Bloomberg.
  • European gas storage has fallen to 56.1% full on Jan. 25, according to GIE.
  • The EU is set to agree to extend its current sanctions package against Russia on Monday Bloomberg sources report adding that Hungary is ready to lift its opposition.
  • Ukrainian President Volodymyr Zelenskiy said his country was ready to transit Azerbaijani natural gas to Europe and a contract could be inked quickly if an agreement can be reached in comments on Saturday.
  • Italy’s investment in gas infrastructure ignores declining demand, potentially leading to lower utilisation rates for Italy’s expanding fleet of regasification terminals, IEEFA reports.
  • Freeport LNG resumes shipments after power outage Kpler tracking indicates.
  • Nigeria's NNPC will start constructing five new mini-LNG plants Jan. 30, part of an effort to boost domestic gas supply, Platts said.
  • Norway’s Hammerfest LNG export facility, operated by Equinor, loads first cargo since Jan 1, ICIS data shows.
  • European LNG imports are rising, but this has so far not been enough to meet continued rise in apparent demand, according to GFB Insight.
  • Kazakhstan’s QazaqGaz is in talks to join the Turkmenistan-Afghanistan-Pakistan-India gas pipeline project.
  • APAC LNG freight rates for TFDE carriers have dropped to historic lows, causing concerns about negative earnings and potential ship layups, Platts said.
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TTF front month is pulling back amid a reduction in storage withdrawals as mild weather across Europe eases demand pressures, with additional downside from talks on EU gas supply from Azerbaijan and the first cargo from the Hammerfest LNG plant.

  • TTF FEB 25 down 3.2% at 48.12€/MWh
  • Temperatures are forecast to remain above normal across much of Europe this week.
  • Norwegian pipeline supplies to Europe are nominated at 329.9mcm/d today, according to Bloomberg.
  • European gas storage has fallen to 56.1% full on Jan. 25, according to GIE.
  • The EU is set to agree to extend its current sanctions package against Russia on Monday Bloomberg sources report adding that Hungary is ready to lift its opposition.
  • Ukrainian President Volodymyr Zelenskiy said his country was ready to transit Azerbaijani natural gas to Europe and a contract could be inked quickly if an agreement can be reached in comments on Saturday.
  • Italy’s investment in gas infrastructure ignores declining demand, potentially leading to lower utilisation rates for Italy’s expanding fleet of regasification terminals, IEEFA reports.
  • Freeport LNG resumes shipments after power outage Kpler tracking indicates.
  • Nigeria's NNPC will start constructing five new mini-LNG plants Jan. 30, part of an effort to boost domestic gas supply, Platts said.
  • Norway’s Hammerfest LNG export facility, operated by Equinor, loads first cargo since Jan 1, ICIS data shows.
  • European LNG imports are rising, but this has so far not been enough to meet continued rise in apparent demand, according to GFB Insight.
  • Kazakhstan’s QazaqGaz is in talks to join the Turkmenistan-Afghanistan-Pakistan-India gas pipeline project.
  • APAC LNG freight rates for TFDE carriers have dropped to historic lows, causing concerns about negative earnings and potential ship layups, Platts said.