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Mid-Day Gas Summary: TTF Trades Higher

NATGAS

Front month TTF is trading higher today and briefly rose to the highest level since 19 March amid supply risks following Russia’s attack on an Ukrainian natural gas storage facility paired with a slightly downward revision in temperatures for this week.

    • TTF APR 24 up 3.1% at 28.64€/MWh
    • TTF SUM 24 up 3.1% at 28.8€/MWh
  • Sunday’s attack on a natural gas underground storage side in western Ukraine will not critically impact the UGS operations, a Naftogaz spokesperson said on Monday, cited by Montel.
  • The two-week weather forecasts for NW Europe has been revised lower for this week but revised slightly up for early next week.
  • Norwegian natural gas flows to the UK and Europe were back up at 345.9mcm/d today.
  • LNG flows to Northwest Europe on March 21 were 183.66 mcm/d, 11% lower than the 30 day average.
  • European gas storage was 59% full on March 23 vs the 5-yr seasonal norm of 42% for this time of year according to GIE figures.
  • The impact on natural gas prices and charter rates has been limited in Q1 after LNG vessels stopped transiting the Suez Canal in mid-January according to IEA analyst Greg Molnar.
  • Gazprom started scheduled maintenance on the Power of Siberia pipeline on Sunday according to an official announcement via its Telegram channel.
  • Russia’s Gazprom shipped a cargo from is Baltic Sea Portovaya LNG plant to Spain for the first time according to LSEG data on Monday.
  • BP purchases an LNG cargo to Northeast Asia from Shell via the market-on-close platform, operated by S&P Global Commodity Insights, on Monday at $9.85/mmbtu for 29-31 May delivery, traders told Bloomberg.
  • China has ramped up spot LNG purchases in the first quarter of this year after JKM prices fell to their lowest level since 2022 according to BNEF.
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