November 25, 2024 12:08 GMT
NATGAS: Mid-Day Gas Summary: TTF Climbs
NATGAS
TTF is climbing again today amid high gas storage withdrawals and heightened geopolitical risks.
- TTF DEC 24 up 2.3% at 48.08€/MWh
- Above normal temperatures in NW Europe are forecast to drift back to near or just below normal later this week before edging higher again through the first week of December.
- Strong storage withdrawals continue as total European stores fall further below normal to 87.89% full on Nov. 23, according to GIE. The previous five-year average is 90.1%.
- US LNG netbacks to Asia and Europe are near parity for Q1, BNEF shows.
- Norwegian pipeline supplies to Europe are 340.0mcm/d today, according to Bloomberg.
- Austria’s OMV impounded 230 million euros worth of gas deliveries for October to cover its arbitration award resulting in Gazprom abruptly cutting supplies according to Reuters sources.
- Egypt is assessing its energy import needs after a drop in domestic power demand and a need to cut down spending according to its Energy Ministry over the weekend.
- Australia’s Woodside shut down its Pluto facility earlier on Monday due to an “unplanned event that is under investigation,” the company said in an email to Bloomberg.
- The Diamond Gas Victoria LNG vessel, carrying a US Cameron cargo, has diverted from Croatia to South Korea, according to ICIS.
- The Q4 gas price rally is focused on drivers in Europe amid a structurally tight LNG and European gas market regime across 2024-25, according to Timera Energy.
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