Mid-Day Gas Summary: TTF Pulls Back

Front month TTF is pulling back this morning, but remains within last week’s range of €33.685/MWh and €35.350/MWh

edging higher but below the high of €35.4/MWh with cool weather in NW Europe this week and steady fundamentals set against import supply risks.

• TTF AUG 24 down 1% at 34.13€/MWh
• TTF Q3 24 up 2.1% at 35.05€/MWh
• Temperatures in NW Europe are forecast slightly below normal in the coming days but expected to rise back above normal into the second week of the outlook.
• Norwegian pipeline supplies to Europe are nominated at 335.7mcm/d with small outages still at Kasto, Troll and Visund according to Gassco.
• Total European stores are up to 76.91% full on June 29 according to GIE compared to the five-year average of 67.1% with net injection rates holding at the low end of the previous five-year range.
• The LNG vessel the Maran Gas Vergina has left the Mediterranean and looks to potentially be taking its cargo to Northwest Europe according to ICIS vessel tracking.
• Freeport’s LNG Train 2 went offline June 29 and was restarted due to a compressor issue, according to a filing from the Texas Commission on Environmental Quality, Bloomberg said.
• Global LNG FID activity remained strong in H1 2024, despite no US projects taking FID amid the regulatory uncertainty following the Biden administration export permitting pause, according to IEA.
• Bulgaria supports the expansion of the Southern Gas Corridor (SGC) and is prepared to hold talks to boost natural gas imports from Azerbaijan according to Bulgarian Energy Minister Vladimir Malinov on Monday.