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NATGAS: Mid-Day Gas Summary: TTF Edges Lower

NATGAS

TTF front month is slightly softer today but supply risks for the Norwegian outages are adding to the slow return of the Freeport LNG export terminal to provide some price support despite a gradual build of gas in store and muted demand. 

  • Asian LNG pricing held steady this week, supported by the prolonged outage at Freeport in Texas. The average LNG price for September delivery into north-east Asia was at $12.20/mmBtu according to Reuters sources. Analysts say Freeport has cancelled between 7-10 cargoes as a result of delays with the number expected to grow.
  • A new unplanned Visund outage from July 22 to Jul 29 of 10mcm/d due to corrective maintenance is adding to the existing planned Norwegian works. Norwegian pipeline supplies to Europe are today nominated at 334.2mcm/d with Gassco showing outages of 21.1mcm/d today rising to a peak of 40mcm/d on July 24.
  • Maintenance at French LNG terminal Montoir has been extended by four days to August 5 due to safety reasons according to Elengy.
  • Azerbaijan hopes to start supplying natural gas to Slovenia “within several months,” according to President Ilham Aliyev cited by Bloomberg with gas exports to Europe “close to 13bcm” this year.
    • TTF AUG 24 down 1.8% at 32.1€/MWh
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