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NATGAS: Mid-Day Gas Summary: TTF Finds Support

NATGAS
Energy BulletsBulletPower BulletsCommodities

TTF front month is finding more support today amid continued uncertainty in the Middle East risk premium as energy markets await Israel’s response to Iran.

  • TTF NOV 24 up 2.9% at 39.46€/MWh
  • Weather in NW Europe is expected to warm into next week from the current below normal temperatures. The second half of the month is then expected to remain above normal to help limit heating demand.
  • Norwegian pipeline supplies to Europe are nominated at 310.7mcm/d today, according to Bloomberg. Gassco shows outages down to 39.8mcm/d today but unplanned outages at Troll and Gullfaks continue.
  • European gas storage was up to 94.64% full on Oct. 8, according to GIE, compared to the five-year average of 91.3% as small net injections continue.
  • Continued gas price volatility is expected across winter with market balancing from less elastic demand sources, according to Timera Energy.
  • The European gas market is in “bad” shape, with damage to its own industrial sector by artificially destroying demand for gas, Gazprom CEO Alexey Miller said.
  • Hungary and Russia’s Gazprom will on Thursday sign a contract enabling them to fully utilize the TurkStream gas pipeline, according to Hungarian Foreign Minister Peter Szijjarto cited by Reuters.
  • Oman LNG has signed a four-year LNG supply agreement with Japan's Kansai Electric Power.
  • The delivery of cool-down volumes to the 2.3mtpa Tortue LNG project, which would signal progress towards start up, looks to have been delayed with the British Sponsor still waiting offshore Senegal, according to ICIS.
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TTF front month is finding more support today amid continued uncertainty in the Middle East risk premium as energy markets await Israel’s response to Iran.

  • TTF NOV 24 up 2.9% at 39.46€/MWh
  • Weather in NW Europe is expected to warm into next week from the current below normal temperatures. The second half of the month is then expected to remain above normal to help limit heating demand.
  • Norwegian pipeline supplies to Europe are nominated at 310.7mcm/d today, according to Bloomberg. Gassco shows outages down to 39.8mcm/d today but unplanned outages at Troll and Gullfaks continue.
  • European gas storage was up to 94.64% full on Oct. 8, according to GIE, compared to the five-year average of 91.3% as small net injections continue.
  • Continued gas price volatility is expected across winter with market balancing from less elastic demand sources, according to Timera Energy.
  • The European gas market is in “bad” shape, with damage to its own industrial sector by artificially destroying demand for gas, Gazprom CEO Alexey Miller said.
  • Hungary and Russia’s Gazprom will on Thursday sign a contract enabling them to fully utilize the TurkStream gas pipeline, according to Hungarian Foreign Minister Peter Szijjarto cited by Reuters.
  • Oman LNG has signed a four-year LNG supply agreement with Japan's Kansai Electric Power.
  • The delivery of cool-down volumes to the 2.3mtpa Tortue LNG project, which would signal progress towards start up, looks to have been delayed with the British Sponsor still waiting offshore Senegal, according to ICIS.