Mid-Day Gas Summary: TTF Ticks Higher

TTF front month is trading higher today driven by a slight downward revision in temperatures for NW Europe.

• TTF MAR 24 up 1.8% at 26.19€/MWh
• TTF SUM 24 up 1% at 26.75€/MWh
• TTF WIN 24 up 0.5% at 30.64€/MWh
• Temperatures in Europe have been revised slightly lower on the day but are forecast to remain mild until the end of the month. NW and central Europe could see a dip slightly closer to normal temperatures in the second week of the outlook.
• European natural gas storage levels are at the previous five year range highs at 67.10% full on Feb 11 according to GIE data compared to the seasonal five year average of 51.8% amid low withdrawal rates.
• Norwegian pipeline supplies to Europe are nominated at 345.6mcm/d compared to an average of 348mcm/d seen in January.
• European LNG sendout was back down at 296mcm/d on Feb 11 compared to an average of 329mcm/d so far in Feb and around 430mcm/d this time last year.
• The total estimated quantity of LNG on tankers that has not unloaded for at least 20 days decreased by 8.4% over the last week to 2.55mn tons as of 11 February, according to Bloomberg estimates.
• Global weekly LNG imports declined by 16% to 7.2mn tons as of 5-11 February, driven by lower shipments to South Korea and China amid the start of the Lunar New Year Holidays according to BNEF.
• LNG delivered ex-ship to northwest Europe in March was the lowest since June 6 at $7.59/mmbtu according to data from Spark Commodities. Asia prices also fell to multi month lows of 9.44$/mmbtu.
• The new 5.5bcm Alexandroupolis LNG import terminal in Greece is set to receive the first commissioning cargo with the arrival of the Gaslog Hong Kong according to ICIS LNG Edge.
• Saudi Aramco is increasing its natural gas capacity by 60% of the next few years, which may allow the producer to start exports, Upstream President Nasir Al-Naimi said, cited by Bloomberg.