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Mid-Day Gas Summary: TTF Ticks Up

NATGAS

European gas is rising further as fears remain over supply via a key Ukrainian gas entry point, while Gazprom nominations show signs of slipping this week.

  • TTF SEP 24 up 0.9% at 38.8€/MWh
  • Despite the claims of Gen. Valery Gerasimov, chief of staff of the Russian Armed Forces, that the Russian army had halted Ukraine's surprise advance into the Kursk oblast of the Russian Federation, reports today suggest that fighting in the border region around the town of Sudzha remains intense.
  • Russian natural gas transit via the Sudzha intake point near the border with Ukraine is set at 37.3 mcm/day on Thursday, Gazprom said in a statement.
  • That is down from 42.4 mcm/day on Tuesday (its more typical level)
  • Flows via Sudzha came under question on Wednesday over unofficial reports that Ukrainian forces had entered the region and potentially taken control.
  • Reports on this are primarily coming from social media reports and war monitoring sources and are yet to be independently verified.
  • Russian natural gas continues to transit to Europe via Ukraine normally according to Ukraine’s gas transmission operator on Thursday.
  • Two carriers of LNG originally destined for Argentina’s Escobar terminal have been diverted to Spain due to reduced demand for natural gas in Argentina, according to Platts.
  • Latam and Caribbean imports in July rose nearly 20% on the month in July, the highest monthly imports so far in 2024, Platts said.

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