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Mid-Day Gas Summary: TTF Surges

NATGAS

TTF is gaining ground again today, supported by concerns of supply risks following an outage to Wheatstone LNG in Australia this week.

  • TTF JUL 24 up 3.4% at 35.47€/MWh
  • TTF Q3 24 up 3.3% at 35.84€/MWh
  • TTF WIN 24 up 2.4% at 39.35€/MWh
  • TTF SUM 25 up 1.2% at 35.93€/MWh
  • Chevron has deferred several cargoes due to an outage at Wheatstone LNG expected to last several days and could restart this week, according to Bloomberg.
  • Norwegian pipeline supplies to Europe are today at 331mcm/d with ongoing outages at Visund and Karsto.
  • Temperatures in NW and central Europe are forecast to gradually increase over the coming week to return above normal into the second half of June.
  • Total European gas storage was up to 72.14% full on June 10 according to GIE compared to the five-year seasonal average of 60.9% with net injection rates 44.5% below the previous five-year average last week.
  • LNG stockpiles held by Japanese utilities fell 5.83% w/w to 2.1m tons in the week to June 9 from 2.23m tons the previous week, according to data released by the trade ministry.
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