NATGAS: Gas Summary at European Close: TTF Extends Gains

TTF is ending the day on a high note amid tightening Norwegian supplies, while heightened supply risks from the Ukraine-Russia and Middle East conflicts add support. However, EU storage has already exceeded the 90% target and is likely to cap upside.

• TTF SEP 24 up 2.7% at 38.69€/MWh
• RES 1: €39.50 - 50.0% of the Aug 12 - 23 bear leg
• Norwegian pipeline supplies to Europe are stable at 312.8mcm/d, Bloomberg said. 
• Gassco shows capacity reductions of 34.4mcm/d today, gradually rising to a peak of 183.5mcm/d Sept. 2.
• Norwegian pipeline gas exports to Europe could approach a 2017 historic record this year according to Gassco’s CEO.
• Temperatures in NW Europe are expected above normal into the start of September before easing lower back to near normal in the second week of the outlook.
• Gas transit flows via Sudzha are nominated near normal at 42.4mcm/d today, according to Ukraine’s gas transmission operator.
• European gas storage injections continue above normal rates as stores build beyond the EU target level up to 91.6% full on Aug 25 according to GIE compared to the five-year average of 83.6%.
• European LNG sendout was holding steady at 199mcm/d on Aug 25 according to Bloomberg compared to an average of 208mcm/d so far in August.
• The restart of Train 2 at the Ichthys LNG export facility in Darwin, Australia is scheduled for October, according to an Inpex statement.
• Higher gas prices for the Northern Hemisphere winter indicate the market is still finely balanced, according to Woodside Energy Group CEO, Meg O’Neill cited by Bloomberg.
• India's Gujarat State Petroleum Corp (GSPC) is seeking an LNG cargo for delivery between Oct. 23 and Nov. 5 to the Dahej terminal according to Reuters sources. The tender closes on Aug. 27.