NATGAS: Gas Summary at European Close: TTF Pulls Back

TTF is pulling back after initial gains failed to break through last week’s high. Fundamentals are unchanged fundamentals and ongoing supply risks from Norway, the Middle East and the US Gulf of Mexico.

• TTF OCT 24 down 1.3% at 35.75€/MWh
• Signs for a deal for Azerbaijan gas to replace Russian gas transit via Ukraine last week sent prices tumbling but a lack of confirmation has seen them recover.
• Temperatures in NW Europe are expected to fall below normal into the coming weekend.
• Norwegian pipeline supplies to Europe are today nominated back down to 269mcm/d, according to Bloomberg.
• Small European gas storage injections continue as total stores edged up to 93.72% full on Sep 22, according to GIE.
• LNG floating storage has resumed the increasing trend in place since mid-August after a brief dip last week.
• Canadian natural gas prices fall to the lowest since August 2022.
• China’s natural gas consumption is exceeding expectation in 2024, driven by power generation and LNG fuelled vehicle demand, according to OilChem.
• A colder-than-normal winter in Asia would raise demand for LNG as the region competes with Europe to secure enough supplies to cover winter heating demand.
• East Med LNG Fell to a two-month low vs TTF, Platts said.
• Uncertainty around upcoming supply booms in the next few years has kept market sentiment through 2027 more bullish than previously expected, Platts sad.
• The LNG tanker Qogir left Venture Global LNG’s US Plaquemines export facility in Louisiana by Tuesday morning, according to LSEG, after waiting at the plant since Aug. 23.
• Bangladesh's RPGCL is seeking an LNG cargo for delivery on October 10-11, Reuters said.