Mid-Day Gas Summary: TTF Rises Amid Cooler Weather

Front month TTF is extending gains throughout the session amid a downward revision in temperature forecasts for next week, while renewed Houthi rebel attacks in the Red Sea are causing supply risks.

• TTF FEB 24 up 4.8% at 32.04€/MWh
• TTF SUM 24 up 3.8% at 31.65€/MWh
• The latest two-week weather forecast for NW Europe showed a downward revision in temperatures with temperatures falling below-normal starting 6 January, likely boosting demand for heating.
• The Houthi rebels attacked another vessel, this time likely the CMA CGM Tage. Houthis fired three missiles a Malta-flagged boxship near its port quarter, according to reports from security firm Ambrey.
• European gas storage was 86% full on Jan. 1 vs the 5-yr seasonal norm of 74% for this time of year according to GIE figures.
• LNG flows to Northwest Europe on Jan. 1 were 166.69 mcm/d, 32% lower than the 30-day average.
• Norwegian nominated flows to the UK and Northwest Europe terminals at 352.50 mcm/d vs the 5-day moving avg 352.76 mcm/d according to Gassco.
• Pipeline operator Gascade has asked local authorities to extend the construction permit until February for a pipeline to connect Germany’s Baltic LNG terminal at Mukran, likely delaying the planned commissioning for early-2024, a filing showed dated back to 27 December.
• he Gimi FLNG is expected to arrive off Senegal on 12 January for BP’s Tortue LNG project according to ICIS.
• India’s Petronet LNG – the country’s top gas importer – is likely to sign an extension deal this month with Qatar for LNG imports beyond 2028 according to India’s oil secretary Wednesday.