Mid-day Gas update: TTF rebounds

TTF has rallied as some strike risk remains and with lower supplies to Europe due to the start of seasonal Norwegian maintenance. However, prices remain well below the peak of 44.8€/MWh earlier this week as strikes look set to be avoided at most facilities involved in the industrial dispute.

• TTF SEP 23 up 8.7% at 34.73€/MWh
• TTF WIN 23 up 3.9% at 49.18€/MWh
• TTF SUM 24 up 3.2% at 50.98€/MWh
• Offshore Alliance members have endorsed an in-principle agreement with Woodside Energy with a final draft of Enterprise Agreement provided to OA on Monday.
• Norwegian pipeline supplies to Europe are today nominated down to 217.2mcm/d with the start of seasonal field and processing plant maintenance. The main outages are expected to last for the next ten days before seeing a gradual reduction in outages throughout September.
• LNG sendout to Europe was back up to at 320mcm/d on 23 Aug after dropping as low as 260mcm/d last weekend. Import flows to NW Europe remain below levels seen this time last year.
• European gas storage is up to 91.86% full on a 23 Aug according to GIE data compared to the five year average for this time of year of 78.85%.
• The US LNG netbacks remain in favour of supply to Asia over Europe while the Sep JKM-TTF spread is holding around 1.4$/mmbtu according to Bloomberg.
• Production at Chinese LNG liquefaction facilities rose 7.93% to 424,500 mt in the week to Aug. 24, according to OilChem.
• Ukrainian storage injections have been gradually increasing since May and storage levels are expected to continue to build unless temperatures fall below normal in the Sep and Oct shoulder months.
• Kinder Morgan said Aug. 24 that the Centreville compressor station in Tennessee will likely be out of service until October.
• First Gen’s BW Batangas FSRU has returned to Batangas Bay in the Philippines after receiving its first cargo, according to ICIS.