NATGAS: Gas Summary at European Close: TTF Ticks Up

TTF is ticking back up today after having fallen to the lowest since Aug. 5. Front month is under pressure from healthy storage and a lower recent geopolitical risk premium as the system copes with lower Norway pipeline supplies.

• TTF OCT 24 up 0.9% at 36.12€/MWh
• Norwegian pipeline supplies to Europe are today nominated at 190.0mcm/d, according to Bloomberg. Gassco shows outages of 165mcm/d today rising to 237mcm/d tomorrow with of start of reduced capacity at Nyhamna and Kollsnes.
• Above normal temperatures are expected in NW Europe through the coming weekend before gradually falling below normal by Sept. 11.
• European gas storage is up to 92.61% full on Sep 3 according to GIE compared to the five-year average of 85.4%.
• A train remains shut at Shell’s Queensland Curtis LNG facility in Australia according to a company statement. Both trains at the facility were shut at the start of the week.
• Russian pipeline gas and LNG exports to Europe fell 2.5% m/m in August to 134mcm/day, according to Montel.
• Russia can redirect gas flows away from Ukraine if the transit deal is not renewed by the end of the year, President Vladamir Putin said.
• Chinese gas importers have added two more terminals to boost their access to global LNG, Bloomberg said.
• Shell’s LNG long-term deal with Turkey’s Botas for 4 bcm/y of gas on a hybrid formula, according to Platts.
• Bangladesh will resume purchasing LNG from the spot again after a two-month hiatus.
• Asian LNG price declines in recent days have prompted increased interest from buyers in India with the fuel more competitive against alternatives.
• US LNG exports in August rose 10.4% from July and 5% higher than August 2023 at 7.35 mt, according to Kpler.