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Mid-Day Gas Summary: TTF Rallies

NATGAS

TTF has climbed to the highest since June 3 amid the risk of LNG competition from Asia. This follows news that completion of works at Wheatstone LNG will be later than previously expected.

  • TTF JUL 24 up 3.6% at 36.56€/MWh
  • TTF Q3 24 up 3.2% at 36.84€/MWh
  • Chevron has deferred several cargoes due to the Wheatstone outage and Bloomberg sources suggest domestic gas resumption on June 27 although LNG production could start before.
  • Chevron said repair works at Wheatstone LNG will be complete in the “coming weeks”, later than previous market expectations.
  • Brunei LNG has exported its first cargo since its recent outage in May.
  • Norwegian pipeline supplies to Europe are today unchanged at 330.9mcm/d with ongoing outages at Visund and Karsto.
  • Temperatures in NW and central Europe are still forecast to gradually increase over the coming week.
  • European gas storage injections remain below normal as stores rise to 72.33% full on June 11 according to GIE compared to the five-year seasonal average of 61.3%.
  • OMV’s long term Gazprom contract requires delivery at the border between Slovakia and Austria, a location it will insist upon for future deliveries its CEO said earlier Thursday.
  • India’s GAIL has issued two LNG tenders for cargoes for delivery in July and August according to Reuters.
  • Canada’s West Coast has room for multiple LNG export projects to meet a burgeoning global energy demand, industry participants said, cited by Platts.
  • Venture Global has signed a non-binding agreement to supply LNG to D. Trading, the commercial arm of Ukraine power producer DTEK.
  • Subsidiaries of Saudi Aramco and NextDecade have agreed a non-binding Heads of Agreement for the sale and purchase of LNG for 20 years from Train 4 at the Rio Grande LNG Facility in Texas.
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TTF has climbed to the highest since June 3 amid the risk of LNG competition from Asia. This follows news that completion of works at Wheatstone LNG will be later than previously expected.

  • TTF JUL 24 up 3.6% at 36.56€/MWh
  • TTF Q3 24 up 3.2% at 36.84€/MWh
  • Chevron has deferred several cargoes due to the Wheatstone outage and Bloomberg sources suggest domestic gas resumption on June 27 although LNG production could start before.
  • Chevron said repair works at Wheatstone LNG will be complete in the “coming weeks”, later than previous market expectations.
  • Brunei LNG has exported its first cargo since its recent outage in May.
  • Norwegian pipeline supplies to Europe are today unchanged at 330.9mcm/d with ongoing outages at Visund and Karsto.
  • Temperatures in NW and central Europe are still forecast to gradually increase over the coming week.
  • European gas storage injections remain below normal as stores rise to 72.33% full on June 11 according to GIE compared to the five-year seasonal average of 61.3%.
  • OMV’s long term Gazprom contract requires delivery at the border between Slovakia and Austria, a location it will insist upon for future deliveries its CEO said earlier Thursday.
  • India’s GAIL has issued two LNG tenders for cargoes for delivery in July and August according to Reuters.
  • Canada’s West Coast has room for multiple LNG export projects to meet a burgeoning global energy demand, industry participants said, cited by Platts.
  • Venture Global has signed a non-binding agreement to supply LNG to D. Trading, the commercial arm of Ukraine power producer DTEK.
  • Subsidiaries of Saudi Aramco and NextDecade have agreed a non-binding Heads of Agreement for the sale and purchase of LNG for 20 years from Train 4 at the Rio Grande LNG Facility in Texas.