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Mid-Day Gas Summary: TTF Tracks Weekly Net Decline

NATGAS

Front month TTF is tracking a small weekly net decrease, shrugging off gains from a Russian missile attack on a Ukrainian gas storage site earlier in the week, amid bearish short-term fundamentals and high end of season storage levels.

    • TTF MAY 24 down 1.7% at 27.29€/MWh
    • TTF WIN 24 down 1.3% at 31.75€/MWH
  • Temperatures in NW Europe are forecast to remain above normal into April although the UK and Ireland could be more in line with normal. Stormier weather is expected in the early part of April but is expected to calm as the month goes on.
  • German natural gas consumption last week fell 23.9% below the 2018-2021 average, down by 1.8% on the week, amid mild weather and ongoing lower industrial output, Bnetza data showed.
  • Norwegian pipeline supplies to Europe are nominated slightly lower at 340.8mcm/d today amid unplanned process problems at Kollsnes. A planned outage at Karsto will reduce capacity by 19.6mcm/d from Apr. 1.
  • European LNG sendout increased on the day to 362mcm/d on Mar. 26 but remains below the imports of around 415mcm/d seen this time last year.
  • European gas storage was at 58.9% full on Mar. 26 according to GIE with above normal withdrawal rates in recent days. The seasonal five year average is 41.6% full.
  • A record 24 US LNG cargoes, carrying 1.6mn tons of LNG, have been shipped to Asia via the Cape of Good Hope in March as of 27 March, S&P Global Commodity Insights data showed, due to Red Sea tensions and drought restrictions at the Panama Canal.
  • Thailand’s LNG buyers issued a total of 14 tenders in 1Q 2024, double the number of last year’s tenders, as hotter and drier weather boosted the country’s LNG demand according to S&P Commodity Insights.
  • Japanese LNG imports in February declined by 5.9% on the year to 6mn tons, due to higher LNG storage withdrawals and an increase in renewables output, data released by the Ministry of Finance showed.

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