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NATGAS: Gas Summary at European Close: TTF Climbs

NATGAS
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TTF has gained ground, supported by higher EU storage withdrawals and competition for marginal US LNG cargoes. 

  • TTF DEC 24 up 2.1% at 48.03€/MWh
  • Above normal temperatures in NW Europe are forecast to drift back to near or just below normal later this week before edging higher again through the first week of December.
  • Strong storage withdrawals continue as total European stores fall further below normal to 87.89% full on Nov. 23, according to GIE.
  • Norwegian pipeline supplies to Europe are 340.0mcm/d today, according to Bloomberg.
  • Austria’s OMV impounded 230 million euros worth of gas deliveries for October to cover its arbitration award resulting in Gazprom abruptly cutting supplies.
  • European November LNG imports are on track to reach to the highest since February at 9.16m mt, according to Kpler.
  • The recently imposed US sanctions on Russia’s Gazprom bank creates an opportunity to reduce gas payments that fund Moscow’s war efforts, an analyst told Montel.
  • Platts expects JKM spot prices for January to remain rangebound in the week to Nov. 29.
  • Egypt is assessing its energy import needs after a drop in domestic power demand and a need to cut down spending according to its Energy Ministry over the weekend.
  • All three trains are expected back at Freeport, Texas on Monday according to Reuters.
  • Australia’s Woodside shut down its Pluto facility earlier on Monday due to an “unplanned event that is under investigation.”
  • Brunei LNG has restarted “several trains” at its plant in Lumut, with the rest to be restarted soon after a recent “operational upset”, Platts said.
  • LNG exports from Brunei are down nearly 67% so far in November, Bloomberg said.
  • The Diamond Gas Victoria LNG vessel, carrying a US Cameron cargo, has diverted from Croatia to South Korea, according to ICIS.
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TTF has gained ground, supported by higher EU storage withdrawals and competition for marginal US LNG cargoes. 

  • TTF DEC 24 up 2.1% at 48.03€/MWh
  • Above normal temperatures in NW Europe are forecast to drift back to near or just below normal later this week before edging higher again through the first week of December.
  • Strong storage withdrawals continue as total European stores fall further below normal to 87.89% full on Nov. 23, according to GIE.
  • Norwegian pipeline supplies to Europe are 340.0mcm/d today, according to Bloomberg.
  • Austria’s OMV impounded 230 million euros worth of gas deliveries for October to cover its arbitration award resulting in Gazprom abruptly cutting supplies.
  • European November LNG imports are on track to reach to the highest since February at 9.16m mt, according to Kpler.
  • The recently imposed US sanctions on Russia’s Gazprom bank creates an opportunity to reduce gas payments that fund Moscow’s war efforts, an analyst told Montel.
  • Platts expects JKM spot prices for January to remain rangebound in the week to Nov. 29.
  • Egypt is assessing its energy import needs after a drop in domestic power demand and a need to cut down spending according to its Energy Ministry over the weekend.
  • All three trains are expected back at Freeport, Texas on Monday according to Reuters.
  • Australia’s Woodside shut down its Pluto facility earlier on Monday due to an “unplanned event that is under investigation.”
  • Brunei LNG has restarted “several trains” at its plant in Lumut, with the rest to be restarted soon after a recent “operational upset”, Platts said.
  • LNG exports from Brunei are down nearly 67% so far in November, Bloomberg said.
  • The Diamond Gas Victoria LNG vessel, carrying a US Cameron cargo, has diverted from Croatia to South Korea, according to ICIS.