Mid-Day Gas Summary: TTF To Trade Flat On The Week

Front month TTF is holding onto gains today amid a downward revision in temperatures, to trade mostly flat on the week after pulling back from a high of 29.745€/MWh on 19 March.

• TTF APR 24 up 3.2% at 27.24€/MWh
• TTF SUM 24 up 2.9% at 27.4€/MWh
• Weather forecasts in NW Europe have been revised lower but temperatures are still above the seasonal norm throughout most of the two-week forecasts period, with brief dips below normal this weekend and around 3-4 April.
• Norwegian pipeline supplies to Europe are today nominated up to 339.5mcm/d from a low of 313mcm/d on Mar. 17 amid easing field outages.
• European LNG sendout was relatively unchanged on the day at 330mcm/d on Mar. 20 compared to an average of 319mcm/d over the last week.
• European gas storage was at 59.29% full on Mar. 20 according to GIE compared to the seasonal five year average is 41.8%. Net withdrawal rates are holding near normal levels this week.
• The LNG vessel Maran Gas Alexandria is floating off east Germany and could be a cargo for the Lubmin FSRU import project or the first delivery for the new FSRU at Mukran according to ICIS.
• Denmark’s largest natural gas field, Tyra, has restarted production on 21 March, operator TotalEnergies said.
• US LNG exports fell in the week ending March 20 amid Freeport train outages. Just 21 cargoes departed US facilities in the week compared to 26 the week before, according to the EIA.
• Some Australian LNG cargoes were briefly delayed this week due to the Tropical Cyclone Megan, sources told S&P Commodity Insights.
• Argentina’s Enarsa awarded its 10 cargo LNG tender, the first procurement tender it has made in 2024, according to Platts.
• Gazprom’s Power of Siberia natural gas pipeline to China will undergo planned maintenance during 24 March and 1 April, during which flows will be halted, the firm said via Telegram.
• China gas demand is expected to grow over 25bcm y/y in 2024 on industrial activity combined with more gas in power according to OIES.