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Mid-Day Gas Summary: TTF Tracks Weekly Net Loss

NATGAS
Energy BulletsCommodities

European gas prices are on track for a weekly net decline of around 4%. Front month TTF has erased earlier gains to trade down on the day amid muted demand due to above-normal temperatures and high renewables output in the week ahead. Reduced supply from Norway and ongoing Freeport LNG export terminal problems are supportive but upside is limited by muted demand.

    • TTF MAY 24 down 0.9% at 29.5€/MWh
    • TTF Q3 24 down 1.1% at 30€/MWh
  • Norwegian pipeline supplies to Europe are today nominated up slightly to 294.4mcm/d after the return of Ormen Lange. Gassco reports outages at Dvalin, Nyhamna, Aasta Hansteen, and Oseberg today ahead of peak outages of 89.6mcm/d over the coming weekend.
  • Norway’s Hammerfest LNG facility extended its unplanned outage by one day until 27 April, Gassco remit data showed.
  • Temperatures in NW and central Europe are forecast above normal throughout the coming two weeks with a peak around May1 before drifting closer to normal.
  • German onshore and offshore wind, combined with solar PV output is forecast to rise to 42.6GW during peak-load in the next seven days, data from spotrenewables showed.
  • European gas storage declined again yesterday amid net withdrawals this week. GIE data shows total stores are now 61.74% full compared to the five year average of 45.4%.
  • European LNG sendout was steady at 355mcm/d on April 24 compared to an average of 335mcm/d so far in April.
  • Natural gas supplies to the Freeport LNG terminal are expected to remain at minimal levels on Friday, indicating all three trains are still offline according to data compiled by BNEF.
  • Azerbaijani gas shipments to Hungary under a contract for 100 million cubic meters began in April of this year according to Azerbaijani Minister of Labor and Social Protection of the Population Sahil Babayev.
  • Russia’s Gazprom has updated its domestic natural gas storage target for the coming winter at 73.034bcm, with a max withdrawal rate of 858.8mcm/d.
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European gas prices are on track for a weekly net decline of around 4%. Front month TTF has erased earlier gains to trade down on the day amid muted demand due to above-normal temperatures and high renewables output in the week ahead. Reduced supply from Norway and ongoing Freeport LNG export terminal problems are supportive but upside is limited by muted demand.

    • TTF MAY 24 down 0.9% at 29.5€/MWh
    • TTF Q3 24 down 1.1% at 30€/MWh
  • Norwegian pipeline supplies to Europe are today nominated up slightly to 294.4mcm/d after the return of Ormen Lange. Gassco reports outages at Dvalin, Nyhamna, Aasta Hansteen, and Oseberg today ahead of peak outages of 89.6mcm/d over the coming weekend.
  • Norway’s Hammerfest LNG facility extended its unplanned outage by one day until 27 April, Gassco remit data showed.
  • Temperatures in NW and central Europe are forecast above normal throughout the coming two weeks with a peak around May1 before drifting closer to normal.
  • German onshore and offshore wind, combined with solar PV output is forecast to rise to 42.6GW during peak-load in the next seven days, data from spotrenewables showed.
  • European gas storage declined again yesterday amid net withdrawals this week. GIE data shows total stores are now 61.74% full compared to the five year average of 45.4%.
  • European LNG sendout was steady at 355mcm/d on April 24 compared to an average of 335mcm/d so far in April.
  • Natural gas supplies to the Freeport LNG terminal are expected to remain at minimal levels on Friday, indicating all three trains are still offline according to data compiled by BNEF.
  • Azerbaijani gas shipments to Hungary under a contract for 100 million cubic meters began in April of this year according to Azerbaijani Minister of Labor and Social Protection of the Population Sahil Babayev.
  • Russia’s Gazprom has updated its domestic natural gas storage target for the coming winter at 73.034bcm, with a max withdrawal rate of 858.8mcm/d.