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NATGAS: Mid-Day Gas Summary: TTF Up 4% on Week

NATGAS
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TTF is trading up amid strong storage withdrawals and supply risks, particularly from sanctions on Russia. This is offsetting warmer temperatures in Northwest Europe and higher LNG imports. Front month is on track for gains of around 4%.

  • Temperatures in NW Europe are forecast to rise over the coming week and back above normal from mid next week.
  • European LNG sendout was up again to the highest since Dec. 13 at 438mcm/d on Jan. 15 compared to an average of 372mcm/d so far this month.
  • European gas storage has fallen to 63.34% full on Jan. 15, according to GIE, compared to the previous five-year average of 70.15%. Net withdrawals were unchanged on the day and remain just below a Jan 2024 peak.
  • Norwegian pipeline supplies to Europe are nominated at 323.8mcm/d today, according to Bloomberg. Gassco show unavailable capacity reducing from 25.6mcm/d today to 14.6mcm/d on Jan. 20.
  • A ramp-up of US LNG production may ease competition for cargoes between Europe and Asia, even as the market focuses on Asia’s summer procurement, Platts said.
  • A fourth tanker is lined up at the jetty of Venture Global's new US Plaquemines LNG export facility, according to ICIS.
  • A U.S. LNG push under the Trump Administration should benefit Japan the head of the country's utilities federation said on Friday.
  • The number of US LNG export cargoes increased to 29 in the week to Jan. 15 from 27 the week prior, according to the EIA. Total capacity of the vessels rose to 110bcf from 102bcf.
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TTF is trading up amid strong storage withdrawals and supply risks, particularly from sanctions on Russia. This is offsetting warmer temperatures in Northwest Europe and higher LNG imports. Front month is on track for gains of around 4%.

  • Temperatures in NW Europe are forecast to rise over the coming week and back above normal from mid next week.
  • European LNG sendout was up again to the highest since Dec. 13 at 438mcm/d on Jan. 15 compared to an average of 372mcm/d so far this month.
  • European gas storage has fallen to 63.34% full on Jan. 15, according to GIE, compared to the previous five-year average of 70.15%. Net withdrawals were unchanged on the day and remain just below a Jan 2024 peak.
  • Norwegian pipeline supplies to Europe are nominated at 323.8mcm/d today, according to Bloomberg. Gassco show unavailable capacity reducing from 25.6mcm/d today to 14.6mcm/d on Jan. 20.
  • A ramp-up of US LNG production may ease competition for cargoes between Europe and Asia, even as the market focuses on Asia’s summer procurement, Platts said.
  • A fourth tanker is lined up at the jetty of Venture Global's new US Plaquemines LNG export facility, according to ICIS.
  • A U.S. LNG push under the Trump Administration should benefit Japan the head of the country's utilities federation said on Friday.
  • The number of US LNG export cargoes increased to 29 in the week to Jan. 15 from 27 the week prior, according to the EIA. Total capacity of the vessels rose to 110bcf from 102bcf.