Mid-Day Gas Summary: TTF Trades Higher

Front month TTF has reversed earlier losses to trade higher on the day amid curtailed Norwegian supplies and a lack of progress in ceasefire talks.

• TTF MAY 24 up 1% at 26.88€/MWh
• TTF Q3 24 up 1.1% at 27.63€/MWh
• TTF WIN 24 up 1.4% at 32.2€/MWh
• Norwegian gas supplies to Europe are nominated today at 326.8mcm/d. Unplanned works at the Asgard field reduced supplies by 12.7mcm/d on 8-9 April, and by 7mcm/d on 9-10 April amid process problems. Planned works at the Gulfaks field reduced supplies by 5.3mcm/d on 8-9 April.
• Reuters reporting comments from an unnamed Hamas official claiming that "no progress has yet been made" in the ceasefire talks that are taking place in Cairo. The comments come in contrast to those made by a senior Egyptian official earlier on 8 Apr claiming that there had been some movement towards a ceasefire agreement.
• Weather forecasts for NW Europe suggested temperatures well above seasonal normal until mid April before turning colder with temperatures below the five-year average at the end of the two-week forecast period.
• EU natural gas consumption in February stood 10.6% below 2023 levels, according to Eurostat data, after temperatures reached highest on record according to Argus.
• European gas storage stood at 59.9% of capacity on 6 April, well above the seasonal average of 42.394%, GIE data showed. Net storage injections rose to 2,497GWh/d on 6 April.
• PVB gas front month has moved to a slight premium to the TTF equivalent at the start of April, Argus data showed, amid lower LNG supplies to Spain in March, while the NW European gas market fundamentals remained bearish with steady supplies.
• European LNG sendout including the UK stood at 359.54mcm/d on 4 April.
• Egyptian Natural Gas Holding Company is aiming to import at least one LNG shipment per month through July or August in order to avoid power supply shortages during the summer, sources told Bloomberg.
• TotalEnergies has delayed the FID on a planned 5.4mtpa LNG facility in Papua New Guinea by one year to 2025, the firm said.
• Russian LNG exports increased 4.3% in Q1 y/y to 8.7 million metric tons, with a rise towards Europe while less went to Asia according to Kommersant on Monday, citing Kpler figures.
• Global LNG imports are forecast to edge up by 1% on the month to 34.5mn tons in April, supported by more cargo availability due to the end of the heating season in the Northern Hemisphere according to BNEF.