NATGAS: Gas Summary at European Close: TTF Rangebound

TTF front month has recovered earlier losses to move to rangebound on the day. A forecast for warm weather this week and continued high storage levels weigh against apprehensions for supply leaving winter.

• TTF DEC 24 down 0% at 40.49€/MWh
• Above normal temperatures are forecast in NW Europe this week but are expected to drift down below normal next week and through the second week of the outlook.
• The path of Tropical Storm Rafael is in focus for any impact on US LNG exports. The Port of Freeport in South Texas closed to inbound vessel traffic.
• Norwegian pipeline supplies to Europe have recovered back to 333.7mcm/d today, according to Bloomberg after a dip lower yesterday. Gassco shows planned unavailable capacity of 6.5mcm/d this week at Gullfaks.
• European gas storage is down to 95.01% full on Nov. 4, according to GIE.
• Russia is ready to continue gas transit via Ukraine to Europe beyond 2024 according to Deputy PM Alexander Novak on state TV Rossiya 24 on Wednesday.
• LNG stockpiles held by Japanese utilities rose 2.42% w/w on Nov. 3 to 2.12m mt.
• Trump's election victory offers a boost to LNG project developers, who had faced a pause on new project approvals earlier this year, according to ICIS.
• UAE’s Adnoc has agreed to supply 1mtpa of LNG to Germany’s SEFE for 15 years starting 2028, according to Bloomberg.
• Colombia's SPEC LNG terminal in Cartagena finished its planned maintenance as scheduled Nov. 4, Platts said, citing the operator.
• MNI Gas Weekly: Milder Weather Tapers Winter Gas Price: See pdf here: https://roar-assets-auto.rbl.ms/files/68806/MNI%20Gas%20Weekly%20-%20Milder%20Weather%20Tapers%20Winter%20Gas%20Prices.pdf