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Mid-Day Gas Summary: TTF Slips on Week

NATGAS

TTF is heading for a weekly loss of around 0.4% on the week, bouncing between €30/MWh and €31.5/MWh in recent days amid warm weather across Europe and recovering Norwegian pipeline gas supplies.

  • TTF JUN 24 down 1.5% at 30.4€/MWh
  • TTF Q3 24 down 1.4% at 31.07€/MWh
  • Above normal temperatures are expected across Europe throughout the coming two weeks although could ease back closer to normal from mid month in NW Europe. Italy is already seeing some cooling demand with a daily average of 2 cooling degree days for the 6-10 day forecast according to Bloomberg.
  • Norwegian pipeline supplies to Europe have recovered to 308.1mcm/d today with Gassco showing outages due to fall again to 30.4mcm/d tomorrow.
  • Gassco currently shows corrective maintenance at Troll today and Sleipner next week in addition to the planned seasonal outages.
  • European LNG sendout was again steady at 276mcm/d on May 8 compared to an average of 291mcm/d in the previous week.
  • Total European gas storage was 63.93% full on May 7 according to GIE compared to the five-year seasonal average of 49.1% with net injections still below normal.
  • US terminal feedgas flows are today up to the highest since March 23 at 13.33bcf/d according to Bloomberg with estimated supply to Freeport LNG over 2bcf/d suggesting that the facility’s third train has started up.
  • US LNG exports are currently more profitable to Asia from June-November, according to BNEF, based on TTF, JKM, and freight prices May 10.
  • The LNG vessel Minerva Limnos is due to arrive in Jordan on 16 May with supplies to be delivery back through the pipelines into Egypt.
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