September 25, 2024 15:34 GMT
NATGAS: Gas Summary at European Close: TTF Regains Ground
NATGAS
Gas Summary at European Close: TTF Regains Ground
TTF has climbed to its highest level since Sep. 10. The market is focused on geopolitical concerns, hurricane driven supply risks, and a brief cold spell in NWE.
- TTF OCT 24 up 5.5% at 37.36€/MWh
- Temperatures in NW Europe are expected to fall below normal over the weekend before recovering back to near normal levels next week and through the first week of October.
- Norwegian pipeline supplies to Europe are nominated at 274mcm/d today, according to Bloomberg, with a delayed start up at Asgard and Karsto following seasonal maintenance and unplanned outage at Sleipner due to compressor failure. Gassco shows outages of 66.8mcm/d today.
- Small European gas storage injections continue taking stores to 93.74% of capacity on Sep 22, according to GIE, compared to the five-year average of 88.9%.
- Europe’s gas market will enter this winter with comfortable stock levels, but a lack of flexible supply amid an increased dependence on LNG could leave the market vulnerable to price swings, Axpo’s Marco Saalfrank, told Montel.
- European buyers of LNG are signing fewer long-term deals amid anticipation of waning future gas demand, according to Total.
- European gas prices are set to remain volatile until the end of the year amid limited supply, ENI’s CEO said.
- LNG stockpiles held by Japanese utilities fell 12.3% w/w to their lowest level since April on Sept. 22 at 1.64m tons.
- Japan is in talks with Italy to sign a comprehensive MoU to secure LNG supply during emergencies, according to NHK.
- MNI Gas Weekly: Azeri-Ukrainian Transit Deal Takes Focus: Full piece here: https://roar-assets-auto.rbl.ms/files/67606/MNI%20Gas%20Weekly%20-%20Azeri-Ukrainian%20Transit%20Deal%20Takes%20Focus.pdf
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