Mid-Day Gas Summary: TTF Slides

Front month TTF has eased back but remains above lows from earlier in the session as weather forecasts showed a shorter period of below-normal temperatures. Colder weather and below normal Norwegian and LNG supplies have supported prices this week.

• TTF APR 24 down 3.2% at 27.96€/MWh
• TTF SUM 24 down 3.2% at 28.06€/MWh
• Above normal temperatures are expected to persist across Europe in the coming two weeks although are expected to briefly dip back to near normal for a few days from this weekend.
• European gas storage was up at 59.53% full on Mar. 18 according to GIE with net withdrawal rates rising back to near normal. The seasonal five year average is 42.0%.
• Norwegian pipeline supplies to Europe are today nominated back up to 331.7mcm/d but still curtailed due to small outages at Aasta Hansteen and Oseberg this week.
• European LNG sendout increased slightly to 317mcm/d on Mar. 18 but still below the average of 344mcm/d so far in March.
• Freeport LNG will increase its LNG production capacity to 16.3mtpa, up from around 15mtpa currently, while ongoing maintenance is more extensive than previously expected, CEO Michael Smith said in an interview.
• India’s Gujarat State Petroleum Corp. is looking for a commissioning cargo for the Chhara terminal for delivery in April according to Bloomberg.
• The CEO of US gas producer EQT warned that a lack of pipelines and storage facilities could trigger dramatic price swings in the coming years according to Bloomberg.