Mid-Day Gas Summary: TTF Ticks Up

TTF has recovered after falling to a low of €32.3/MWh yesterday with support from hot weather across Europe this week, although stable fundamentals and forecast of a cooler start to July are limiting upside gains.

• TTF JUL 24 up 0.9% at 34.39€/MWh
• TTF Q3 24 up 0.8% at 34.9€/MWh
• Above normal temperatures are expected across Europe this week to boost cooling demand although temperatures in NW Europe are forecast to drift back to near normal levels into the start of July.
• Norwegian pipeline supplies to Europe are nominated up to 333.9mcm/d today due to a smaller capacity reduction at Visund, according to Gassco.
• Equinor’s Hammerfest LNG plant has restarted as planned following an outage at the weekend due to power issues the company said on Tuesday.
• Total European stores are up to 75.35% full on June 23 according to GIE.
• The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days rose again by 8.1% last week to the highest since November to 4.98m mt as of June 23, Bloomberg said.
• LNG imports across North Asia are forecast to jump 24% from last year to hit 242m mt by 2030, according to BNEF.
• China’s imports of pipeline natural gas stood at 4.77m mt in May, up 16.99% on the month, according to OilChem citing GACC data.
• In the event of a war with Hezbollah, Israel’s offshore gas rigs will be shut down to protect them, Israel Manufacturers Association President Ron Tomer said.