Mid-Day Gas Summary: TTF Rises Through Friday’s High

TTF front month rebounds from losses late last week to the highest since April 19 supported by risks to LNG supply and Norwegian outages and despite subdued demand while storage inventories slowly build.

• TTF JUN 24 up 5.1% at 32.1€/MWh
• TTF Q3 24 up 4.8% at 32.6€/MWh
• A production train at Australia’s Gorgon LNG export facility is expected to remain offline for about five weeks after disruption due to a mechanical fault last week and could add to LNG competition from Asia.
• Feedgas flows up to 1.27bcf/d and power draw data to Freeport LNG suggests two production trains are now online.
• Norwegian pipeline supplies to Europe are today at 294.9mcm/d with Gassco showing field and processing plant outages of 42mcm/d today rising to 70mcm/d on May 9.
• Net European gas storage injections are just below normal rates with total stores near the five year range high at 63.25% full on May 4 according to GIE.
• Temperatures in NW Europe are expected to hold above normal through the coming week but could see slightly cooler weather from the middle of the month.
• Denmark's Tyra natural gas field requires repairs to a power transformer and will only reach peak production in Q4 instead of mid-year.
• China's Sinopec and Pembina Pipeline Corp are in talks for an LNG offtake agreement and equity stake in the proposed 3mtpa Cedar LNG project in Canada, according to Reuters sources.