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NATGAS: Mid-Day Gas Summary: TTF Holds Below Recent High

NATGAS
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European gas markets remain sensitive to supply disruptions ahead of the winter heating season.  LNG supply risks due to escalating conflict in the Middle East and ongoing small cuts to European pipeline imports are weighed with healthy storage and a mixed weather forecast.

  • Temperatures in NW Europe are expected to warm back above normal from the current cold over the weekend before cooling again into mid month.
  • Norwegian pipeline supplies to Europe are nominated up to 290.1mcm/d today, while Gassco shows the unplanned capacity reduction at Troll falling to just 5mcm/d tomorrow from 15.8mcm/d today.
  • Increasing geopolitical tensions calls for a greater international cooperation from producers and consumers to ensure gas and energy supply security, according to the IEA Global Gas Security Review.
  • The global LNG market is forecast to be 0.1m tonnes long in October, according to ICIS to ease pressure on global supply margins after heat waves in Asia and Norwegian maintenance.
  • Japan is the biggest buyer of LNG from Russia’s Sakhalin-2 – accounting for 57.5% of volumes Interfax reported quoted a senior manager with China at 26.3% and South Korea at 16.2%.
    • TTF NOV 24 up 0.6% at 38.85€/MWh
    • TTF Q1 25 up 0.4% at 39.7€/MWh
    • TTF SUM 25 down 0.2% at 37.7€/MWh
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European gas markets remain sensitive to supply disruptions ahead of the winter heating season.  LNG supply risks due to escalating conflict in the Middle East and ongoing small cuts to European pipeline imports are weighed with healthy storage and a mixed weather forecast.

  • Temperatures in NW Europe are expected to warm back above normal from the current cold over the weekend before cooling again into mid month.
  • Norwegian pipeline supplies to Europe are nominated up to 290.1mcm/d today, while Gassco shows the unplanned capacity reduction at Troll falling to just 5mcm/d tomorrow from 15.8mcm/d today.
  • Increasing geopolitical tensions calls for a greater international cooperation from producers and consumers to ensure gas and energy supply security, according to the IEA Global Gas Security Review.
  • The global LNG market is forecast to be 0.1m tonnes long in October, according to ICIS to ease pressure on global supply margins after heat waves in Asia and Norwegian maintenance.
  • Japan is the biggest buyer of LNG from Russia’s Sakhalin-2 – accounting for 57.5% of volumes Interfax reported quoted a senior manager with China at 26.3% and South Korea at 16.2%.
    • TTF NOV 24 up 0.6% at 38.85€/MWh
    • TTF Q1 25 up 0.4% at 39.7€/MWh
    • TTF SUM 25 down 0.2% at 37.7€/MWh