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NATGAS: Gas Summary at European Close: TTF Retreats

NATGAS
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TTF front month has lost ground today with a reduced geopolitical risk premium following news that Israel told the US that it would not target Iran’s oil and nuclear infrastructure.

  • TTF NOV 24 down 1.5% at 39.96€/MWh
  • Temperatures in NW Europe are forecast above normal in the coming week before drifting back to near normal in the second week of the outlook.
  • Norwegian pipeline supplies to Europe are nominated up to 325.8mcm/d today, according to Bloomberg.
  • European gas storage was up to 95.07% full on Oct. 13, according to GIE.
  • Net European natural gas storage injections have recovered since a drop in early October but were still 26% below the previous five-year average in the week to Oct. 13.
  • Hungary and Russia's Gazprom are negotiating additional gas supplies for next year.
  • Italy’s Edison was last week told by Venture Global that first contract cargoes from its Calcasieu Pass LNG, Louisiana export facility would not be available until April 2025 at the earliest.
  • LNG floating storage has fallen back below levels seen this time last year but remains above normal ahead of the upcoming winter heating season.
  • Global LNG demand fell 5% in the week to Oct. 13 to 7.37m mt with a decline in Southern Asia, Europe and the Americas only partly offset by a rebound in the JKCT region imports, BNEF said.
  • EU ministers met on Tuesday morning to discuss the regions rising LNG imports from Russia and Ukrainian energy storage ahead of winter.
  • Gas supplies from Libya’s Mellitah complex to Italy will be materially reduced and could gradually decline to zero during planned maintenance, according to ENI.
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TTF front month has lost ground today with a reduced geopolitical risk premium following news that Israel told the US that it would not target Iran’s oil and nuclear infrastructure.

  • TTF NOV 24 down 1.5% at 39.96€/MWh
  • Temperatures in NW Europe are forecast above normal in the coming week before drifting back to near normal in the second week of the outlook.
  • Norwegian pipeline supplies to Europe are nominated up to 325.8mcm/d today, according to Bloomberg.
  • European gas storage was up to 95.07% full on Oct. 13, according to GIE.
  • Net European natural gas storage injections have recovered since a drop in early October but were still 26% below the previous five-year average in the week to Oct. 13.
  • Hungary and Russia's Gazprom are negotiating additional gas supplies for next year.
  • Italy’s Edison was last week told by Venture Global that first contract cargoes from its Calcasieu Pass LNG, Louisiana export facility would not be available until April 2025 at the earliest.
  • LNG floating storage has fallen back below levels seen this time last year but remains above normal ahead of the upcoming winter heating season.
  • Global LNG demand fell 5% in the week to Oct. 13 to 7.37m mt with a decline in Southern Asia, Europe and the Americas only partly offset by a rebound in the JKCT region imports, BNEF said.
  • EU ministers met on Tuesday morning to discuss the regions rising LNG imports from Russia and Ukrainian energy storage ahead of winter.
  • Gas supplies from Libya’s Mellitah complex to Italy will be materially reduced and could gradually decline to zero during planned maintenance, according to ENI.