Mid-Day Gas Summary: TTF Pulls Back

TTF front month is pulling back after reaching the highest since December at €38.7/MWh yesterday amid a clear timeline on Norwegian gas facility repairs.

• TTF JUL 24 down 3.5% at 34.77€/MWh
• TTF Q3 24 down 3.4% at 35.17€/MWh
• Norwegian pipeline supplies to Europe are today at 263.5mcm/d with an uncertain duration of the unplanned outage at the Nyhamna plant due to transport restrictions at Sleipner riser according to Gassco.
• The unplanned outage at Norway’s Nyhamna processing plant and at Easington due to transport restrictions at Sleipner riser has been extended until at least Friday according to Gassco.
• Temperatures in NW Europe are expected to hold near normal in the coming week but could edge back above normal during the second week of the outlook. Temperatures elsewhere in Europe are expected to be above normal throughout the next two weeks.
• Total European gas storage was up to 70.49% full on June 2 according to GIE compared to the five-year seasonal average of 58.2% with below normal net injection rates.
• Chevron has resumed full LNG production at its Gorgon facility in Australia after a temporary outage on June 3 the company said Tuesday
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days fell by 2.2% over the last week to 3.6m tons as of June 2, according to Bloomberg estimates.
• Global LNG imports fell 12% in the week to June 2 to 7.06m metric tons, according to BNEF driven primarily by a drop in Europe.
• Qatar's state-owned QatarEnergy today announced a 10-year supply agreement with Japan's Idemitsu Kosan
• TotalEnergies is set to increase LNG deliveries to Asia with two new medium and long-term contracts.
• hell-led LNG Canada could deliver its first cargo earlier than planned, according to Shell cited by Reuters.