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NATGAS: Gas Summary at European Close: TTF Slides

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TTF front month has pulled back today to reverse yesterday’s gains amid a slightly milder weather forecast for late November, although current storage withdrawals remain high. Markets remain wary of winter risks with EU LNG imports below 2023 levels and US netbacks to EU vs Asia currently near parity.

  • TTF DEC 24 down 0.9% at 43.84€/MWh
  • In the event of a definitive failure of gas supplies through Ukraine from 2025, the southern transit route through the Turk Stream gas pipeline appears to be important and part of the Russian or Azeri gas volumes could reach Slovakia through it,” SPP said in an email to Bloomberg.
  • Temperatures in NW Europe are showing near normal in the coming days before dropping below normal next week but could warm slightly towards the end of the month.
  • European gas storage has fallen to 93.04% full on Nov. 11, according to GIE.
  • Norwegian pipeline supplies to Europe are nominated up again to 345mcm/d today, according to Bloomberg.
  • LNG stockpiles held by Japanese utilities rose 4.25% w/w on Nov. 10 to 2.21m mt and the highest since July.
  • Venture Global LNG said on Tuesday it had asked federal regulators for permission to introduce LNG to its first unit at its Plaquemines facility in Texas.
  • The Minerva Amorgos vessel appears to be delivering cool-down volumes to Italy's Offshore LNG Toscana import facility suggesting progress towards a restart, according to ICIS.
  • LNG feedgas demand from new facilities under construction in the US will grow to 1.1 bcf/d by March 2025, according to BNEF.
  • MNI Gas Weekly: Trump Victory Brews Uncertainty for Gas Markets: See pdf here: https://roar-assets-auto.rbl.ms/files/69145/MNI%20Gas%20Weekly%20-%20Trump%20Victory%20Brews%20Uncertainty%20for%20Gas%20Markets.pdf

 

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TTF front month has pulled back today to reverse yesterday’s gains amid a slightly milder weather forecast for late November, although current storage withdrawals remain high. Markets remain wary of winter risks with EU LNG imports below 2023 levels and US netbacks to EU vs Asia currently near parity.

  • TTF DEC 24 down 0.9% at 43.84€/MWh
  • In the event of a definitive failure of gas supplies through Ukraine from 2025, the southern transit route through the Turk Stream gas pipeline appears to be important and part of the Russian or Azeri gas volumes could reach Slovakia through it,” SPP said in an email to Bloomberg.
  • Temperatures in NW Europe are showing near normal in the coming days before dropping below normal next week but could warm slightly towards the end of the month.
  • European gas storage has fallen to 93.04% full on Nov. 11, according to GIE.
  • Norwegian pipeline supplies to Europe are nominated up again to 345mcm/d today, according to Bloomberg.
  • LNG stockpiles held by Japanese utilities rose 4.25% w/w on Nov. 10 to 2.21m mt and the highest since July.
  • Venture Global LNG said on Tuesday it had asked federal regulators for permission to introduce LNG to its first unit at its Plaquemines facility in Texas.
  • The Minerva Amorgos vessel appears to be delivering cool-down volumes to Italy's Offshore LNG Toscana import facility suggesting progress towards a restart, according to ICIS.
  • LNG feedgas demand from new facilities under construction in the US will grow to 1.1 bcf/d by March 2025, according to BNEF.
  • MNI Gas Weekly: Trump Victory Brews Uncertainty for Gas Markets: See pdf here: https://roar-assets-auto.rbl.ms/files/69145/MNI%20Gas%20Weekly%20-%20Trump%20Victory%20Brews%20Uncertainty%20for%20Gas%20Markets.pdf