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NATGAS: Mid-Day Gas Summary: TTF Rises

NATGAS
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TTF is rising higher today as the market reacts to a forecast drop in temperatures in NW Europe in the coming days. Meanwhile, Norwegian pipeline supplies have improved and LNG imports remain healthy. 

  • TTF MAR 25 up 1.2% at 55.18€/MWh
  • Temperatures in NW Europe are forecast to fall towards mid February but could be followed by a recovery back towards normal.
  • Norwegian pipeline supplies to Europe have risen to the highest since Jan. 21 at 335.8mcm/d as capacity returns from outages, according to Bloomberg.
  • European net gas storage withdrawals are still above normal after rising on Feb. 3. Storage has fallen to 50.63% full on Feb. 5, according to GIE, compared to the previous five year average of 58.6%.
  • European LNG sendout remains strong with NW flows at 260mcm/d on Jan. 5 compared to the high this winter of 274.7mcm/d.
  • Equinor commented yesterday that up to 35 Bcm of additional Russian gas could be seen in Europe following an end to the Russia/Ukraine conflict.
  • The number of US LNG export cargoes continue to recover up to 29 in the week to Feb. 5 from 24 the week prior, according to the EIA. Total capacity of the vessels increased to 110bcf from 90bcf.
  • An LNG ship loaded with fuel is heading to the Red Sea, in a sign of easing tensions, Bloomberg reports.
  • An Australian LNG cargo appears to be heading to Europe for the first time since 2022, and only the second time in at least 10 years, according to ICIS vessel tracking data.
  • LNG freight rates in both the Atlantic and Pacific basins have continued to fall, Platts said, with Tri-fuel diesel-electric charters losing their advantage over two-strokes.
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TTF is rising higher today as the market reacts to a forecast drop in temperatures in NW Europe in the coming days. Meanwhile, Norwegian pipeline supplies have improved and LNG imports remain healthy. 

  • TTF MAR 25 up 1.2% at 55.18€/MWh
  • Temperatures in NW Europe are forecast to fall towards mid February but could be followed by a recovery back towards normal.
  • Norwegian pipeline supplies to Europe have risen to the highest since Jan. 21 at 335.8mcm/d as capacity returns from outages, according to Bloomberg.
  • European net gas storage withdrawals are still above normal after rising on Feb. 3. Storage has fallen to 50.63% full on Feb. 5, according to GIE, compared to the previous five year average of 58.6%.
  • European LNG sendout remains strong with NW flows at 260mcm/d on Jan. 5 compared to the high this winter of 274.7mcm/d.
  • Equinor commented yesterday that up to 35 Bcm of additional Russian gas could be seen in Europe following an end to the Russia/Ukraine conflict.
  • The number of US LNG export cargoes continue to recover up to 29 in the week to Feb. 5 from 24 the week prior, according to the EIA. Total capacity of the vessels increased to 110bcf from 90bcf.
  • An LNG ship loaded with fuel is heading to the Red Sea, in a sign of easing tensions, Bloomberg reports.
  • An Australian LNG cargo appears to be heading to Europe for the first time since 2022, and only the second time in at least 10 years, according to ICIS vessel tracking data.
  • LNG freight rates in both the Atlantic and Pacific basins have continued to fall, Platts said, with Tri-fuel diesel-electric charters losing their advantage over two-strokes.