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NATGAS: Gas Summary at European Close: TTF Extends Decline

NATGAS
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TTF has extended yesterday’s decline, with milder weather across Europe easing demand.

  • TTF DEC 24 down 1.4% at 46.56€/MWh
  • The current weather forecasts show temperatures across Europe holding near or slightly above normal into the first week of December.
  • European gas storage is down to 87.39% full on Nov. 25, according to GIE compared to the previous five-year average of 89.5% with net withdrawals back near normal levels.
  • Russia’s Gazprom is assuming no gas flows will go via Ukraine after Dec 31 in internal planning according to Reuters.
  • Norwegian pipeline supplies to Europe are lower at 327mcm/d today, according to Bloomberg as Gassco shows planned outages at Heidrun and Dvalin totalling 13.9mcm/d.
  • Gas demand for power generation in Europe (Italy, Belgium, UK, Germany and France) is expected at 179mcm/d for the remainder of this winter, well above last winter’s levels, according to BNEF.
  • Australia’s Woodside has begun preparing the restart of its Pluto LNG facility according to a statement.
  • LNG supply and demand constraints are expected to ease due to a mild winter in Japan and a trend toward higher gas stocks in Europe, according to Jera cited by Bloomberg.
  • LNG stockpiles held by Japanese utilities fell 9.65% w/w on Nov. 24 to 2.06m tons, according to data released by the trade ministry cited by Bloomberg.
  • Japan’s JERA said it does not see any impact from the Gazprombank sanctions because it does not use the bank for payments.
  • Asia’s LNG prices could reach over $20/MMBtu if European gas supply tightness this winter according to Samantha Dart, co-head of global commodities research at Goldman Sachs.
  • Incoming US President Donald Trump is set to usher in a “golden era” for global LNG markers, with Europe a “significant beneficiary”, Rystad said, cited by Montel.
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TTF has extended yesterday’s decline, with milder weather across Europe easing demand.

  • TTF DEC 24 down 1.4% at 46.56€/MWh
  • The current weather forecasts show temperatures across Europe holding near or slightly above normal into the first week of December.
  • European gas storage is down to 87.39% full on Nov. 25, according to GIE compared to the previous five-year average of 89.5% with net withdrawals back near normal levels.
  • Russia’s Gazprom is assuming no gas flows will go via Ukraine after Dec 31 in internal planning according to Reuters.
  • Norwegian pipeline supplies to Europe are lower at 327mcm/d today, according to Bloomberg as Gassco shows planned outages at Heidrun and Dvalin totalling 13.9mcm/d.
  • Gas demand for power generation in Europe (Italy, Belgium, UK, Germany and France) is expected at 179mcm/d for the remainder of this winter, well above last winter’s levels, according to BNEF.
  • Australia’s Woodside has begun preparing the restart of its Pluto LNG facility according to a statement.
  • LNG supply and demand constraints are expected to ease due to a mild winter in Japan and a trend toward higher gas stocks in Europe, according to Jera cited by Bloomberg.
  • LNG stockpiles held by Japanese utilities fell 9.65% w/w on Nov. 24 to 2.06m tons, according to data released by the trade ministry cited by Bloomberg.
  • Japan’s JERA said it does not see any impact from the Gazprombank sanctions because it does not use the bank for payments.
  • Asia’s LNG prices could reach over $20/MMBtu if European gas supply tightness this winter according to Samantha Dart, co-head of global commodities research at Goldman Sachs.
  • Incoming US President Donald Trump is set to usher in a “golden era” for global LNG markers, with Europe a “significant beneficiary”, Rystad said, cited by Montel.