NATGAS: Gas Summary at European Close: TTF Rallies on Norway Maintenance

Front month TTF has pulled back from a high of $40.325/MWh earlier today but remains set for a net gain on the week. TTF has seen extra support today from a two-day extension to the Nyhamna and Kollsnes maintenance from Sep 4 - 8.

• TTF OCT 24 up 1.8% at 39.57€/MWh
• RES 1: €40.33 - Intraday high
• Norwegian pipeline supplies to Europe have fallen to 235.9mcm/d today, according to Bloomberg amid field and processing plant maintenance.
• Gassco shows capacity reductions of 141mcm/d today and into the weekend before rising to a peak of 237mcm/d on Sept. 2.
• Temperatures in NW Europe remain above normal through the first week of September before drifting back closer to normal during the second week.
• Gas transit flows via Sudzha are nominated unchanged at 42.4mcm/d today, according to Ukraine’s gas transmission operator.
• European gas storage injection rates are back below normal as stores rise to 91.98% full on Aug 28 according to GIE compared to the five-year average of 84.25%.
• German natural gas consumption in the week to Aug. 25 increased 2.3% from the previous week and was 22.8% below the 2018-21 average, Bnetza data showed.
• Gazprom expects to begin flowing pipe natgas to China via the new 10bcma Far Eastern route from ‘the end of January 2027’.
• The global LNG market remains 'fragile' ahead of winter amid bullish LNG signals and vulnerability to supply shocks despite underlying bearish fundamentals, according to S&P Global.
• The number of US LNG export cargoes remained unchanged last week at 26, according to the EIA while feedgas flows to US LNG export terminals decreased slightly in the week.
• Golden Pass LNG has asked the US FERC for a three-year extension to complete the Texas export project, Platts said.