Mid-Day Gas Summary: TTF Strengthening on Day

TTF is stronger today, although is trading within yesterday’s intraday range. Muted demand and healthy storage levels remain set against ongoing supply risks.

• TTF JUL 24 up 0.7% at 34.45€/MWh
• TTF Q3 24 up 0.7% at 34.95€/MWh
• Temperatures across Europe are forecast to hold above normal in the coming week although the latest outlook suggest temperatures could drift back towards normal early next week.
• Norwegian pipeline supplies to Europe are nominated lower on the day to 321.8mcm/d, limited by capacity reductions at Visund, Karsto, Troll and Skarv.
• Total European gas storage was up to 73.41% full on June 16 according to GIE compared to the five-year seasonal average of 63.0% with net injection rates increasing back to near normal in recent days.
• Norway’s Vaar Energy has extended a long-term supply deal with Germany’s VNG by 12 years the company said Tuesday.
• Ukraine has pumped 1.6bcm of natural gas into its underground storage facilities since the start of the season according to Naftogaz on Tuesday for a total of 9 bcm.
• China imports of LNG rose 3.4% y/y in May while January to May imports were up 18.1%, according to General Administration of Customs data.
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days rose again by 16% last week to the highest since November to 4.67m tons as of June 16, according to Bloomberg estimates.
• Global LNG imports rebounded 18% in the week to June 16 to 7.66m metric tons, according to BNEF driven by an increase in deliveries to both Japan and mainland China.