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NATGAS: Gas Summary at European Close: TTF Finds Support

NATGAS
Energy BulletsBulletPower BulletsCommodities

TTF front-month is gaining further ground amid ongoing Middle East uncertainty, with markets closely watching Israel’s retaliation to a previous Iranian strike. Fundamentals remain steady, however.

  • TTF NOV 24 up 4.5% at 40.06€/MWh
  • Weather in NW Europe is expected to warm into next week from the current below normal temperatures.
  • Norwegian pipeline supplies to Europe are nominated at 310.7mcm/d today, according to Bloomberg.
  • European gas storage was up to 94.64% full on Oct. 8, according to GIE.
  • Continued gas price volatility is expected across winter with market balancing from less elastic demand sources, according to Timera Energy.
  • The European gas market is in “bad” shape, with damage to its own industrial sector by artificially destroying demand for gas, Gazprom’s CEO said.
  • Hungary and Russia’s Gazprom will on Thursday sign a contract enabling them to fully utilize the TurkStream gas pipeline, Hungarian Foreign Minister Peter Szijjarto said.
  • Oman LNG has signed a four-year LNG supply agreement with Japan's Kansai Electric Power.
  • The delivery of cool-down volumes to the 2.3mtpa Tortue LNG project, which would signal progress towards start up, looks to have been delayed with the British Sponsor still waiting offshore Senegal, according to ICIS.
  • Turkey expects to report progress on its plans to become a regional gas hub in a few months according to Turkish Energy Minister Alparslan Bayraktar.
  • Gas remains the “primary concern” as energy markets enter a phase of heightened uncertainty, Switzerland-based energy trader Axpo said Oct. 10, cited by Platts.
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TTF front-month is gaining further ground amid ongoing Middle East uncertainty, with markets closely watching Israel’s retaliation to a previous Iranian strike. Fundamentals remain steady, however.

  • TTF NOV 24 up 4.5% at 40.06€/MWh
  • Weather in NW Europe is expected to warm into next week from the current below normal temperatures.
  • Norwegian pipeline supplies to Europe are nominated at 310.7mcm/d today, according to Bloomberg.
  • European gas storage was up to 94.64% full on Oct. 8, according to GIE.
  • Continued gas price volatility is expected across winter with market balancing from less elastic demand sources, according to Timera Energy.
  • The European gas market is in “bad” shape, with damage to its own industrial sector by artificially destroying demand for gas, Gazprom’s CEO said.
  • Hungary and Russia’s Gazprom will on Thursday sign a contract enabling them to fully utilize the TurkStream gas pipeline, Hungarian Foreign Minister Peter Szijjarto said.
  • Oman LNG has signed a four-year LNG supply agreement with Japan's Kansai Electric Power.
  • The delivery of cool-down volumes to the 2.3mtpa Tortue LNG project, which would signal progress towards start up, looks to have been delayed with the British Sponsor still waiting offshore Senegal, according to ICIS.
  • Turkey expects to report progress on its plans to become a regional gas hub in a few months according to Turkish Energy Minister Alparslan Bayraktar.
  • Gas remains the “primary concern” as energy markets enter a phase of heightened uncertainty, Switzerland-based energy trader Axpo said Oct. 10, cited by Platts.