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NATGAS: European Gas End of Day: Biden Comments Cause Gas Ramp Higher

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TTF caught momentum on Middle East escalation fears that have primarily supported oil markets based on Biden comments outside the White House on Thursday.

  • TTF NOV 24 up 2.9% at 39.75€/MWh
  • Asked if he would support Israel striking Iran’s oil reserves in retaliation for Tuesday's missile attack, Biden said, “We’re in discussions of that” but “there’s nothing going to happen today; we’ll talk about that later.” CNN reporter Natasha Bertrand said via X.
  • Although higher, TTF remains below the highs at Tuesday’s open over fears around Chevron’s assets off Israel which were briefly closed on Monday as Iran attacked. They resumed shortly after Chevron confirmed.
  • As well as the Middle East tensions, ongoing small cuts to European pipeline imports are weighed with healthy storage and a mixed weather forecast.
  • Temperatures in NW Europe are expected to warm back above normal from the current cold over the weekend before cooling again into mid-month.
  • Norwegian pipeline supplies to Europe are nominated up to 290.1mcm/d today, while Gassco shows the unplanned capacity reduction at Troll falling to just 5mcm/d tomorrow from 15.8mcm/d today.
  • The global LNG market is forecast to be 0.1m tonnes long in October, according to ICIS to ease pressure on global supply margins after heat waves in Asia and Norwegian maintenance.
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TTF caught momentum on Middle East escalation fears that have primarily supported oil markets based on Biden comments outside the White House on Thursday.

  • TTF NOV 24 up 2.9% at 39.75€/MWh
  • Asked if he would support Israel striking Iran’s oil reserves in retaliation for Tuesday's missile attack, Biden said, “We’re in discussions of that” but “there’s nothing going to happen today; we’ll talk about that later.” CNN reporter Natasha Bertrand said via X.
  • Although higher, TTF remains below the highs at Tuesday’s open over fears around Chevron’s assets off Israel which were briefly closed on Monday as Iran attacked. They resumed shortly after Chevron confirmed.
  • As well as the Middle East tensions, ongoing small cuts to European pipeline imports are weighed with healthy storage and a mixed weather forecast.
  • Temperatures in NW Europe are expected to warm back above normal from the current cold over the weekend before cooling again into mid-month.
  • Norwegian pipeline supplies to Europe are nominated up to 290.1mcm/d today, while Gassco shows the unplanned capacity reduction at Troll falling to just 5mcm/d tomorrow from 15.8mcm/d today.
  • The global LNG market is forecast to be 0.1m tonnes long in October, according to ICIS to ease pressure on global supply margins after heat waves in Asia and Norwegian maintenance.