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Mid-Day Gas Summary: TTF Slides

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TTF front month is weaker today amid stable fundamentals and weaker LNG demand. However, there is an ongoing lack of clarity on the return of Freeport LNG.

  • TTF AUG 24 down 1.4% at 31.28€/MWh
  • Temperatures across Europe are forecast above normal over the coming week especially in central and southern regions. NW Europe could see slightly cooler temperatures back near to normal during the second week of the forecast.
  • Norwegian pipeline supplies to Europe are nominated at 341.9mcm/d with Gassco showing outages of 15.7mcm/d today rising to 30.1mcm/d on Jul 18.
  • European gas storage injections have risen to 80.77% full on July 13 according to GIE compared to the five-year average of 71.3% with injection rates just below normal over the last week.
  • The return of Freeport LNG remains unclear with feedgas flows still estimated near zero according to BNEF as restart appears to have taken longer than the market had anticipated.
  • Egypt is considering adding a new FSRU at its LNG import facilities at Ain SUkhna to increase capacity according to the petroleum ministry.
  • Egypt's gas output has dropped below 5bn cfd for the first time in seven years in June according to MEES analysis.
  • China’s LNG consumption rose 21.4% on the year to 19.57m mt in H1 2024, driven by sales of LNG-fuelled heavy-duty trucks.
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TTF front month is weaker today amid stable fundamentals and weaker LNG demand. However, there is an ongoing lack of clarity on the return of Freeport LNG.

  • TTF AUG 24 down 1.4% at 31.28€/MWh
  • Temperatures across Europe are forecast above normal over the coming week especially in central and southern regions. NW Europe could see slightly cooler temperatures back near to normal during the second week of the forecast.
  • Norwegian pipeline supplies to Europe are nominated at 341.9mcm/d with Gassco showing outages of 15.7mcm/d today rising to 30.1mcm/d on Jul 18.
  • European gas storage injections have risen to 80.77% full on July 13 according to GIE compared to the five-year average of 71.3% with injection rates just below normal over the last week.
  • The return of Freeport LNG remains unclear with feedgas flows still estimated near zero according to BNEF as restart appears to have taken longer than the market had anticipated.
  • Egypt is considering adding a new FSRU at its LNG import facilities at Ain SUkhna to increase capacity according to the petroleum ministry.
  • Egypt's gas output has dropped below 5bn cfd for the first time in seven years in June according to MEES analysis.
  • China’s LNG consumption rose 21.4% on the year to 19.57m mt in H1 2024, driven by sales of LNG-fuelled heavy-duty trucks.