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Mid-Day Gas Summary: TTF Relinquishes Gains

NATGAS

TTF has reversed earlier gains to return to losses, easing back as weather forecasts shift slightly warmer into May and Hammerfest LNG undergoes repairs.

  • TTF MAY 24 down 0.9% at 28.15€/MWh
  • TTF Q3 24 down 1.1% at 28.79€/MWh
  • Temperatures in NW and central Europe are expected to warm in the coming days and back above normal from April 28. The start of May is expected to start warm but temperatures could tail off back towards normal during the first week of the month.
  • Norwegian pipeline supplies to Europe are today nominated down to 315.4mcm/d with planned outages at Aasta Hansteen and Nyhamna adding to maintenance at Dvalin and Karsto. Planned maintenance capacity reductions are expected to peak at 101.7mcm/d on April 27.
  • The gas leak at Norway’s Hammerfest LNG plant that caused an evacuation this week has been repaired according to Equinor but will remain shut until 1000 GMT Friday as initially communicated.
  • European gas storage has remained almost unchanged since April 16 with GIE data showing a net withdrawal on Apr. 22 talking stocks to 62.01% full. Total EU storage however remains just above the previous five-year range.
  • Egypt has halted all LNG exports from May onwards to meet is domestic needs according to local media reports.
  • LNG stockpiles held by Japanese utilities jumped sharply by 26.5% on the week to 2.05m mt April 21, according to data released by the trade ministry.
  • Hindustan Petroleum Corp Ltd.’s Chhara LNG import terminal has been delayed to September or October due to technical issues, according to Bloomberg citing company executives.
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TTF has reversed earlier gains to return to losses, easing back as weather forecasts shift slightly warmer into May and Hammerfest LNG undergoes repairs.

  • TTF MAY 24 down 0.9% at 28.15€/MWh
  • TTF Q3 24 down 1.1% at 28.79€/MWh
  • Temperatures in NW and central Europe are expected to warm in the coming days and back above normal from April 28. The start of May is expected to start warm but temperatures could tail off back towards normal during the first week of the month.
  • Norwegian pipeline supplies to Europe are today nominated down to 315.4mcm/d with planned outages at Aasta Hansteen and Nyhamna adding to maintenance at Dvalin and Karsto. Planned maintenance capacity reductions are expected to peak at 101.7mcm/d on April 27.
  • The gas leak at Norway’s Hammerfest LNG plant that caused an evacuation this week has been repaired according to Equinor but will remain shut until 1000 GMT Friday as initially communicated.
  • European gas storage has remained almost unchanged since April 16 with GIE data showing a net withdrawal on Apr. 22 talking stocks to 62.01% full. Total EU storage however remains just above the previous five-year range.
  • Egypt has halted all LNG exports from May onwards to meet is domestic needs according to local media reports.
  • LNG stockpiles held by Japanese utilities jumped sharply by 26.5% on the week to 2.05m mt April 21, according to data released by the trade ministry.
  • Hindustan Petroleum Corp Ltd.’s Chhara LNG import terminal has been delayed to September or October due to technical issues, according to Bloomberg citing company executives.