Mid-Day Gas Summary: TTF Retreats

European gas benchmarks have priced out most of the Sudzha related concerns as flows remain intact and there appears to be little sign from either side to halt them. However, some upside support does however come from Norway’s maintenance season for about three weeks from late August.

• TTF SEP 24 down 0.8% at 36.7€/MWh
• Norwegian maintenance season commonly has delays and revisions which will likely cause market volatility given the recent reaction to Sudzha events.
• Norwegian nominated flows to the UK and Northwest Europe terminals at 321.00 mcm/d vs 5-day moving avg 326.90 mcm/d: Gassco
• Gazprom said that transit gas flow nominations via Ukraine remain at 42.4 mcm/d today.
• Japan’s LNG inventory for power stood at 1.92m tonnes by the end of 3rd week in August according to ICIS.
• Russia’s Novatek has postponed the start of operations at the third line of the Arctic LNG 2 project to 2028 from 2026 according to Russian news outlet RBC on Thursday, citing two sources familiar with the project implementation.
• One of the two trains at the Ichthys LNG plant in Darwin, Australia, has been shut since Aug. 20, according to Inpex Corp in an email to Reuters on Thursday.
• The LNG tanker Qogir, with a cargo from Norway, is waiting outside the new US Plaquemines liquefaction plant owned by Venture Global.