NATGAS: Gas Summary at European Close: TTF Gains Ground

TTF is finding support today, supported by colder weather this week and ongoing cuts to pipeline gas supplies from Norway and Algeria. Further Egyptian LNG buying is also adding to competition for global LNG supplies. 

• TTF OCT 24 up 2% at 37.2€/MWh
• RES 1: €37.86/40.33 - 20-day EMA / High Aug 30
• Additional upside risk comes from potential disruption to US LNG supplies due to a storm which is forecast to become a hurricane before it reaches the northwestern U.S. Gulf Coast by the middle of the week.
• Norwegian pipeline supplies to Europe are today nominated at 184.6mcm/d, Bloomberg said. Gassco shows outages of 186mcm/d today and expected to remain at similar levels throughout this week.
• European gas storage edges up to 92.85% full on Sep 7 according to GIE.
• Platts raised its upcoming TTF forecasts for Q4 onwards, amid a tighter global LNG market.
• Goldman Sachs has increased its price forecast for TTF winter 24/25 to 40 Eur/MWh.
• JKM prices fell 5.3% week-on-week to $13.465/MMBtu Sep. 6, prompting price-sensitive Chinese buyers to secure near-term cargoes, Platts said.
• Capacity at Australia’s Ichthys LNG export facility has been cut further to enable preventative safety inspections on Train 1.
• The second train at Shell’s Curtis LNG facility in Australia resumed operations on Friday night.
• US LNG exports to Latam rose 7% in August, Platts said.
• China boosted underground gas storage, amid early preparations for peak winter demand.
• China’s Sinopec has received its first LNG cargo at its new terminal in southern Guandong.
• Taiwan's LNG imports could rise to about 20m mt in 2024 from 19m mt in 2023, CPC’s VP Jane Liao said.
• ADNOC has agreed a heads of agreement to supply Indian Oil with 1m mtpa of LNG for 15 years.