Mid-Day Gas Summary: TTF Ticks Down

TTF edges lower after a slight recovery yesterday as front month has bounced between €30.325/MWh and €33.285 in the last couple of weeks. Muted demand and healthy storage are set against supply risks.

• TTF AUG 24 down 1% at 31.53€/MWh
• Temperatures in NW Europe are forecast near normal this week before gradually increasing back above normal through the second week of the outlook.
• Norwegian pipeline supplies to Europe are today nominated at 320.7mcm/d.
• European gas storage injections have risen to 82.91% full on July 21 according to GIE compared to the five-year average of 73.2%. A continuation of average injection rates since April would bring European storage up to the EU target of 90% by August 22.
• The EU LNG measures against Russia announced in June reflect Europe’s growing confidence in a future without Russian gas, although may in the short term increase Russian LNG imports to Europe, OIES said.
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days increased by 8.1% last week to 4.04m mt as of July 21, Bloomberg said.
• Freeport LNG loadings resumed this week, adding support for U.S. natural gas prices after the Beryl closure led to around 10 cancelled cargoes through August.
• The 37.6bcm Driftwood LNG project on the US Gulf coast is more likely to proceed under new Woodside Energy ownership, according to Montel sources.
• The QatarEnergy and ExxonMobil Goldan Pass LNG project in Texas could be sped up following a settlement agreement allowing the joint venture to choose a new contractor to take over the development.