Mid-Day Gas Summary: TTF Weakens

TTF is trading lower today as the extension of the warm weather forecasts in Europe and recovery in Norwegian pipeline flows offset geopolitical risks. TTF is also down around 7.5% since the start of the week.

• TTF MAR 24 down -2.6% at 27.1€/MWh
• TTF SUM 24 down -2.2% at 27.58€/MWh
• Earlier comments by Israeli PM Netanyahu, appeared to pour cold water on a ceasefire, telling reporters that Israel "will not suffice with less" than a decisive victory in their war against Hamas.
• The temperature forecast for Europe remains mild with forecasts for next week shifting slightly warmer.
• Norwegian pipeline supplies to Europe are today nominated back up to 342.9mcm/d.
• European natural gas storage at 67.87% full on Feb 7 according to GIE data.
• The delayed Stade (7.5bcm/year) LNG terminal in Germany is expected to start at the end of Q1 and Wilhelmshaven 2 (4.5bcm/year) scheduled for operation in Q2 according to Montel citing the operator Deutsche Energy Terminal.
• More Qatari spot LNG cargoes are headed towards Asia instead of Europe due to shipping disruptions in the Red Sea with the producer offering spot LNG cargoes delivered FOB according to sources.
• Qatar's LNG exports increased in January to 7.58m tonnes despite a temporary halt to Red Sea transit during the month according to Kpler.
• Australia’s Woodside Energy Group Ltd. is in talks to buy LNG from several US export terminals according to Bloomberg sources.