Mid-Day Gas Summary: TTF Trades Lower

TTF is easing back today after yesterday’s rally amid a slight upward revision in weather forecasts and overall bearish short-term fundamentals.

• TTF APR 24 down -2.9% at 24.86€/MWh
• TTF SUM 24 down -2.7% at 25.3€/MWh
• Temperatures in NW and central Europe are expected to remain above normal in the coming week before drifting back to near normal in the second week of the outlook.
• German natural gas consumption last week stood 21.2% below the 2018-21 average, up by 3.8% on the week, Bnetza data showed.
• European gas storage was up at 63.13% full according to GIE data compared to the seasonal five year average of 46.4% as withdrawals hold near normal this week.
• Norwegian pipeline supplies to Europe are down at 336.5mcm/d with an unplanned outage reducing capacity at Skarv by 10mcm/d today.
• European LNG sendout has averaged 365mcm/d in the week to Feb 27 according to Bloomberg to remain well below the Feb 2023 average of about 440mcm/d.
• Overall LNG imports are set to fall in February from last month according to Bloomberg ship tracking amid muted demand and high storage levels in Europe towards the end of the winter heating season.
• Commonwealth LNG has delayed a final investment decision on the six-liquefaction train 9.3mtpa LNG facility in Cameron, Louisiana according to LNG Prime.
• TotalEnergies signed a deal with Singapore’s Sembcorp Fuels for the delivery of up to 0.8mtpa of LNG for the duration of 16 year, the firm said in a statement.
• Glencore has purchased an LNG cargo for 25-27 April delivery to Northeast Asia from Unipec via the MOC Window from S&P Global Commodity Insights, traders told Bloomberg.
• Azerbaijan is planning to increase natural gas exports to Italy by 1bcm/yr from 2026 with the expansion of the TAP pipeline, the Energy Ministry said.