September 11, 2024 15:39 GMT
NATGAS: Gas Summary at European Close: TTF Moves Higher
NATGAS
TTF front month is trading higher, having readjusted after yesterday’s steep to losses of €34.67/MWh. European fundamentals are coping despite current pipeline supply cuts and US LNG supply risks due to a hurricane in the US Gulf.
- TTF OCT 24 up 2.2% at 36.05€/MWh
- Norwegian pipeline supplies to Europe are today nominated at 192.8mcm/d, according to Bloomberg. Gassco shows outages of 175.4mcm/d today rising slightly to 181.9mcm/d tomorrow.
- European gas storage edges up to 93.09% full on Sep 9 according to GIE.
- Below normal temperatures are expected in NW Europe in the coming days.
- Most US LNG export capacity will be outside Hurricane Francine’s path, although Calcasieu Pass (14bcm/year) and Cameron (18bcm/year) remain in potential disruption range, according to Eikland Energy.
- Freeport LNG said it had begun storm preparations at its Texas plant without providing details.
- About 26% of natural gas output in the Gulf of Mexico was offline due to Hurricane Francine, BSEE said.
- LNG stockpiles held by Japanese utilities increased 14.2% w/w to 2.09m mt in the week to Sept. 8.
- The Japanese government is considering measures to assist companies to enter long term LNG purchase contracts of around 10 years.
- Pan American Energy and Tecpetrol plan to increase Vaca Muerta gas production to export more supplies to Brazil and Chile in the near term, Platts said.
- Turkey’s Botas is preparing to sign a 10-year LNG supply agreement with France’s TotalEnergies potentially next week, according to an official cited by Bloomberg.
- The 2.3mtpa Tortue LNG project located offshore Senegal and Mauritania looks to be receiving a first cool-down cargo indicating progress towards production start-up, ICIS said.
- MNI Gas Weekly: Read here
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