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Mid-Day Gas Summary: TTF Slides Despite Curbed Norwegian Flows

NATURAL GAS

Front month TTF reversed earlier gains to trade lower amid an upward revision in temperatures pointing to less heating demand, offsetting curtailed Norwegian pipeline flows to Europe following a series of unplanned outages.

    • TTF MAR 24 down -2.5% at 28.58€/MWh
    • TTF SUM 24 down -2.9% at 29.08€/MWh
  • Nominations for Norwegian pipeline supplies to Europe are down at 288.4mcm/d today after falling yesterday after unplanned outages at the Troll field due to a compressor failure and Nyhamna processing plant after a power supply failure.
  • Temperatures in NW and central Europe have been revised up to remain above the seasonal norm throughout the next two weeks.
  • European natural gas storage was at 69.14% full on Feb 3 according to GIE data compared to the seasonal five year average of 55.7%. Net withdrawal rates have remained below the previous five year average since Jan 20.
  • European LNG sendout was holding below levels seen last year at 312mcm/d on Feb 3 and just below an average of about 340mcm/d over the previous week.
  • The weak JKM premium to European gas prices suggests that the high volumes delivered to Asia are more likely the result of a supply push than of a demand pull, Goldman Sachs said in a note.
  • An Australian gas industry group has called on the government to unlock new supply to avoid domestic shortfalls and to maintain the country’s export industry, cited by Bloomberg.
  • Venture Global LNG has signed a deal for the right to deliver 3m tons of LNG per year to the Grain LNG import terminal for 16 years from 2029.
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Front month TTF reversed earlier gains to trade lower amid an upward revision in temperatures pointing to less heating demand, offsetting curtailed Norwegian pipeline flows to Europe following a series of unplanned outages.

    • TTF MAR 24 down -2.5% at 28.58€/MWh
    • TTF SUM 24 down -2.9% at 29.08€/MWh
  • Nominations for Norwegian pipeline supplies to Europe are down at 288.4mcm/d today after falling yesterday after unplanned outages at the Troll field due to a compressor failure and Nyhamna processing plant after a power supply failure.
  • Temperatures in NW and central Europe have been revised up to remain above the seasonal norm throughout the next two weeks.
  • European natural gas storage was at 69.14% full on Feb 3 according to GIE data compared to the seasonal five year average of 55.7%. Net withdrawal rates have remained below the previous five year average since Jan 20.
  • European LNG sendout was holding below levels seen last year at 312mcm/d on Feb 3 and just below an average of about 340mcm/d over the previous week.
  • The weak JKM premium to European gas prices suggests that the high volumes delivered to Asia are more likely the result of a supply push than of a demand pull, Goldman Sachs said in a note.
  • An Australian gas industry group has called on the government to unlock new supply to avoid domestic shortfalls and to maintain the country’s export industry, cited by Bloomberg.
  • Venture Global LNG has signed a deal for the right to deliver 3m tons of LNG per year to the Grain LNG import terminal for 16 years from 2029.