October 24, 2024 11:29 GMT
NATGAS: Mid-Day Gas Summary: TTF Continues Climb
NATGAS
TTF front month continues to rally to the highest since a spike in August as Norwegian field capacity reductions are adding to ongoing Middle East tensions, despite mild weather this week.
- TTF NOV 24 up 2.3% at 42.33€/MWh
- The temperature forecast for NW Europe remains above normal for the coming week.
- Norwegian pipeline supplies to Europe are nominated down at 321.8mcm/d today, according to Bloomberg.
- Gassco shows unavailable capacity of 46.7mcm/d today amid unplanned outages at Sleipner and Oseberg both of uncertain duration.
- European gas storage has edged up to 95.30% full on Oct. 22, according to GIE.
- European gas storage is expected to end this coming winter season at a lower level than prior years according to Equinor’s CEO Anders Opedal via Bloomberg TV.
- It is no longer technically possible for Denmark to meet its EU-mandated 90% filling target by November 1 the Danish Energy Agency has informed the European Commission.
- Sanctioned LNG tankers Nova Energy, Pioneer and Asya Energy carrying Russian LNG remain in the Sea of Japan awaiting buyers with importers wary of US restrictions, according to Bloomberg.
- China’s demand for gas in heating and coking, commercial business, and transport sectors will rise at a slower pace this winter than last year, ENN Group said citing Horizon Insights.
- China's rapidly rising gas demand is supported by the LNG truck fleet expected to reach 1 million in 2025 having almost tripled since 2019, according to IEA analyst Greg Molnar.
- US energy services firm Baker Hughes expects the pace of LNG FIDs to pick up in 2025, according to CEO Lorenzo Simonelli.
- LNG prices in Brazil continue to rise as import volumes for October approach September levels, Platts said.
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