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NATGAS: Gas Summary at European Close: TTF Down 3.6% on Week

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TTF front month is edging down today, and set for losses on the week, as some of the Middle East risk premium comes off. However, markets are closely watching Israel’s retaliation to a previous Iranian strike. 

  • TTF NOV 24 down 1.9% at 39.54€/MWh
  • Norwegian pipeline supplies to Europe are nominated at the highest since Aug. 22 at 321.1mcm/d today, according to Bloomberg.
  • European gas storage was up to 94.74% full on Oct. 9, according to GIE.
  • Train 2 at Australia's Ichthys LNG facility restarted operations on Oct. 9, according to operator Inpex while Train 1 is operating at about 70%.
  • Gazprom’s Deputy CEO Vitaly Markelov said 2024-to-date gas supply to China is already 1bcm above contractual obligations.
  • Asian spot LNG prices slightly slipped this week as demand remains tepid and supply ample, Reuters said.
  • Asia and the Middle East LNG market share increased in Q3 2024 as imports to Europe dropped, ICIS said.
  • Japan considers increasing LNG purchases for the emergency reserve to at least 0.84m mtpa from the current 0.21m mt, Reuters said.
  • Bangladesh has awarded one spot LNG cargo tender to Gunvor for Oct. 27-28 delivery at $13.93/Mmbtu, an official at RPGCL told Platts.
  • The number of US LNG export cargoes rose to 26 in the week to Oct. 9 from 25 cargoes the previous week, according to the EIA.
  • Brazil’s gas-fired power generation has surged by near 600% since mid-June amid dwindling hydro output, the IEA’s Greg Molnar said.
  • Chevron has delayed expansion of Israel’s 23 Tcf Leviathan offshore gas field by six months, MEES said.
  • Plans to upgrade and expand Abu Dhabi’s Das LNG export terminal by 0.9m mtpa have been dropped, MEES said.
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TTF front month is edging down today, and set for losses on the week, as some of the Middle East risk premium comes off. However, markets are closely watching Israel’s retaliation to a previous Iranian strike. 

  • TTF NOV 24 down 1.9% at 39.54€/MWh
  • Norwegian pipeline supplies to Europe are nominated at the highest since Aug. 22 at 321.1mcm/d today, according to Bloomberg.
  • European gas storage was up to 94.74% full on Oct. 9, according to GIE.
  • Train 2 at Australia's Ichthys LNG facility restarted operations on Oct. 9, according to operator Inpex while Train 1 is operating at about 70%.
  • Gazprom’s Deputy CEO Vitaly Markelov said 2024-to-date gas supply to China is already 1bcm above contractual obligations.
  • Asian spot LNG prices slightly slipped this week as demand remains tepid and supply ample, Reuters said.
  • Asia and the Middle East LNG market share increased in Q3 2024 as imports to Europe dropped, ICIS said.
  • Japan considers increasing LNG purchases for the emergency reserve to at least 0.84m mtpa from the current 0.21m mt, Reuters said.
  • Bangladesh has awarded one spot LNG cargo tender to Gunvor for Oct. 27-28 delivery at $13.93/Mmbtu, an official at RPGCL told Platts.
  • The number of US LNG export cargoes rose to 26 in the week to Oct. 9 from 25 cargoes the previous week, according to the EIA.
  • Brazil’s gas-fired power generation has surged by near 600% since mid-June amid dwindling hydro output, the IEA’s Greg Molnar said.
  • Chevron has delayed expansion of Israel’s 23 Tcf Leviathan offshore gas field by six months, MEES said.
  • Plans to upgrade and expand Abu Dhabi’s Das LNG export terminal by 0.9m mtpa have been dropped, MEES said.