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NATGAS: Gas Summary at European Close: TTF Loses Ground

NATGAS
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TTF is losing ground today with milder weather across Europe easing pressure on gas storage following the early season withdrawals.

  • TTF DEC 24 down 0.8% at 46.37€/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 87.04% full on Nov. 26, according to GIE compared to the previous five-year average of 89.2% with near normal net withdrawals since Nov. 24.
  • Gas transit flows via Sudzha remain stable at 42.3mcm/d today, according to Ukraine’s gas transmission operator.
  • NWE, Italy and Austria are forecast to end March with gas storage in line with the five-year average at 26bcm or 34% full, according to a BNEF base case.
  • German natural gas consumption in the week to Nov. 24 increased 7.95% from the previous week but now 6.9% below the 2018-21 average, Bnetza data showed.
  • Massive Russian airstrikes overnight have knocked out power and utilities in cities across Ukraine. Up to a million people in cities including Lviv, Kherson, Lutsk, and Zhytomyr are without power
  • European LNG sendout was 358mcm/d on Nov. 26, according to Bloomberg compared to an average of 321mcm/d so far in November and around 445mcm/d this time last year.
  • Norwegian pipeline supplies to Europe are at 326.4mcm/d today, according to Bloomberg, amid planned outages at Heidrun and Dvalin reducing available capacity by 13.9mcm/d.
  • Venture Global has sold LNG cargoes from its new Plaquemines terminal for the initial months of 2025 through a short-term strip offered earlier in 2024, sources told Platts.
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TTF is losing ground today with milder weather across Europe easing pressure on gas storage following the early season withdrawals.

  • TTF DEC 24 down 0.8% at 46.37€/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 87.04% full on Nov. 26, according to GIE compared to the previous five-year average of 89.2% with near normal net withdrawals since Nov. 24.
  • Gas transit flows via Sudzha remain stable at 42.3mcm/d today, according to Ukraine’s gas transmission operator.
  • NWE, Italy and Austria are forecast to end March with gas storage in line with the five-year average at 26bcm or 34% full, according to a BNEF base case.
  • German natural gas consumption in the week to Nov. 24 increased 7.95% from the previous week but now 6.9% below the 2018-21 average, Bnetza data showed.
  • Massive Russian airstrikes overnight have knocked out power and utilities in cities across Ukraine. Up to a million people in cities including Lviv, Kherson, Lutsk, and Zhytomyr are without power
  • European LNG sendout was 358mcm/d on Nov. 26, according to Bloomberg compared to an average of 321mcm/d so far in November and around 445mcm/d this time last year.
  • Norwegian pipeline supplies to Europe are at 326.4mcm/d today, according to Bloomberg, amid planned outages at Heidrun and Dvalin reducing available capacity by 13.9mcm/d.
  • Venture Global has sold LNG cargoes from its new Plaquemines terminal for the initial months of 2025 through a short-term strip offered earlier in 2024, sources told Platts.