NATGAS: Mid-Day Gas Summary: TTF Falls Back from Peak

TTF front month has eased back from a high of €40.545/MWh with European fundamentals unchanged despite the increased LNG supply risks due to escalating conflict in the Middle East.  Pipeline gas supplies to Europe are set to recover further while temperatures in NW Europe warm back above normal next week.

• Chevron has resumed natural gas production at both Tamar and Leviathan fields in Israel, Chevron said in an emailed statement to Bloomberg Wednesday. They were shut down on Tuesday as a precautionary measure due to rocket strikes on Israel by Iran.
• Norwegian pipeline supplies to Europe are set to recover further although nominated down at 277.9mcm/d today with an unplanned capacity reduced of 10.8mcm/d at Troll due to a compressor failure.
• Investment fund net long positioning in ICE TTF futures continued to pull back in the week to Sept. 27 from the highs seen during August, according to the commitment of traders data.
• LNG stockpiles held by Japanese utilities rose 22.1% w/w on Sept. 29 to 1.99m tons from the lowest level since April the previous week, according to data released by the trade ministry.
• Australia’s Santos has signed a mid term LNG supply contract with TotalEnergies Gas & Power Asia for 20 LNG cargoes over a period of about 3 years commencing in Q4 2025.
  • TTF NOV 24 down 0.9% at 38.91€/MWh
  • TTF Q1 25 down 0.8% at 39.65€/MWh
  • TTF SUM 25 down 0.3% at 37.8€/MWh