NATGAS: Gas Summary at European Close: TTF Falls

TTF is losing ground today, erasing most of Friday’s rally and returning front month to the levels of Aug. 29. The gas market continues to weigh lower Norwegian flows due to maintenance against seasonally high storage levels and relatively tepid demand.

• TTF OCT 24 down 3.2% at 38.57€/MWh
• Norwegian pipeline supplies to Europe have fallen to 196.4mcm/d today, according to Bloomberg. Gassco shows capacity reductions of 237mcm/d until Sep 4 before falling to 165mcm/d on Sep 5.
• Temperatures in NW Europe are forecast to drift slightly lower in the coming days but remain just above normal this week.
• European gas storage has risen to 92.4% full on Aug 31 according to GIE compared to the five-year average of 84.75%.
• Gas transit flows via Sudzha are nominated at 42.0mcm/d today, according to Ukraine’s gas transmission operator.
• LNG floating storage on the water globally has topped 1.7m mt last week for over 30-days, Bloomberg said.
• Widening differentials between natural gas and LNG could encourage more trading activity, Platts said.
• Shell will sell Turkey's Botas 4 bcm of LNG per year from 2027.
• Bulgaria’s Bulgargaz has launched three tenders for 0.5 bcm of LNG, for winter delivery, Platts said.
• The DoE authorised Mexico’s 1.4m mtpa Altamira LNG to export cargoes produced from US feedgas to non-US FTA countries, Argus said.
• LNG Canada expects to introduce natural gas to its Kitimat facility and flaring activities for the first time as part of the project's commissioning and start-up.
• LNG deliveries to Central and South America rose 35% y/y in August, according to Bloomberg, driven by an increase in shipments to Brazil.
• Preparatory works of Russia's planned new gas pipeline to China via Mongolia is proceeding as scheduled, President Putin said.