Mid-Day Gas Summary: TTF Rising on Day

TTF front month is finding support today and is on track for a rise of around 1.3% on the week. Overall fundamentals remain stable with demand weak and stock levels robust.

• TTF AUG 24 up 2.8% at 32.67€/MWh
• Temperatures in NW Europe are forecast to rise from near normal over the weekend to above normal next week and maintain the warmth into the first week of August.
• European gas storage was 84% full on July 24 vs the 5-yr seasonal norm of 74% for this time of year according to GIE.
• Norwegian nominated flows to the UK and Northwest Europe terminals at 333.30 mcm/d vs 5-day moving avg 324.52 mcm/d according to Gassco.
• The maintenance schedule at Norway’s Visund was modified as the gas field ramps up according to Gassco. The bulk of works are set to end by July 31.
• Kpler data shows that Egypt’s EGAS received five LNG cargoes this month, with the sixth arriving this weekend on the Hellas Athina. Egyptian buying along with strong Indian demand is adding competition for LNG cargoes.
• Australia Ichthys LNG export plant is looking to restart its offline train as soon as today, traders told Bloomberg.
• Russia's natural gas output rose by 8.3% y/y from January-June to 357.3 billion cubic metres (bcm) according to Kommersant reports citing someone familiar with energy ministry data.
• LNG vessel Castillo de Santisteban from Peru diverted this week in the Atlantic towards the Netherlands according to ICIS.
• Everest Energy is the second LNG carrier that has sailed north through Red Sea after carriers stopped crossing the Red Sea at the beginning of the year because of Houthi attacks according to Kpler.