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Mid-Day Gas Summary: TTF Trades Higher

NATURAL GAS

Front month TTF has removed some earlier gains but continues to trade higher on the day despite bearish short-term fundamentals.

    • TTF APR 24 up 2.3% at 27.52€/MWh
    • TTF SUM 24 up 2% at 27.8€/MWh
  • Europe is set to remain mild with temperatures in NW and central Europe forecast to hold just above normal throughout the coming two weeks.
  • European gas storage is holding above the previous five year range at 62.10% full on Mar. 3 according to GIE data after small withdrawal rates over the weekend. The seasonal five year average storage level is 45.1% full.
  • Norwegian pipeline supplies to Europe are today nominated slightly lower on the day at 342.7mcm/d.
  • European LNG sendout remains stable this week at 370mcm/d on Mar. 3 and just above the February average according to Bloomberg. Imports into Europe and Turkey in March are forecast to be higher than February although lower y/y according to Kpler.
  • LNG facilities are at risk of underutilisation due to the rapid increase in LNG import infrastructure in Central and Eastern Europe to replace Russian gas supplies, according to energy think tank Ember.
  • The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days fell by 13% on the week to 3mn tons as of 3 March, according to Bloomberg estimates.
  • Global weekly LNG imports rose by 12% to 8.9mn tons during 26 February and 3 March, driven by an increase in shipments to South Korea and China, continuing the recovery after the Lunar New Year Holiday.
  • Chinese LNG imports in the first two months of this year rose to 13.64mn tons, surpassing 2021 levels of 13.56mn tons, Kpler data showed.
  • New Fortress Energy's new 1.4mtpa Fast LNG project offshore Altamira, Mexico looks to have received cool-down volumes ahead of the start of production according to ICIS.
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Front month TTF has removed some earlier gains but continues to trade higher on the day despite bearish short-term fundamentals.

    • TTF APR 24 up 2.3% at 27.52€/MWh
    • TTF SUM 24 up 2% at 27.8€/MWh
  • Europe is set to remain mild with temperatures in NW and central Europe forecast to hold just above normal throughout the coming two weeks.
  • European gas storage is holding above the previous five year range at 62.10% full on Mar. 3 according to GIE data after small withdrawal rates over the weekend. The seasonal five year average storage level is 45.1% full.
  • Norwegian pipeline supplies to Europe are today nominated slightly lower on the day at 342.7mcm/d.
  • European LNG sendout remains stable this week at 370mcm/d on Mar. 3 and just above the February average according to Bloomberg. Imports into Europe and Turkey in March are forecast to be higher than February although lower y/y according to Kpler.
  • LNG facilities are at risk of underutilisation due to the rapid increase in LNG import infrastructure in Central and Eastern Europe to replace Russian gas supplies, according to energy think tank Ember.
  • The total estimated quantity of LNG on tankers that have not unloaded for at least 20 days fell by 13% on the week to 3mn tons as of 3 March, according to Bloomberg estimates.
  • Global weekly LNG imports rose by 12% to 8.9mn tons during 26 February and 3 March, driven by an increase in shipments to South Korea and China, continuing the recovery after the Lunar New Year Holiday.
  • Chinese LNG imports in the first two months of this year rose to 13.64mn tons, surpassing 2021 levels of 13.56mn tons, Kpler data showed.
  • New Fortress Energy's new 1.4mtpa Fast LNG project offshore Altamira, Mexico looks to have received cool-down volumes ahead of the start of production according to ICIS.