NATGAS: Mid-Day Gas Summary: TTF Holds Recent Gains

TTF front month is holding onto recent gains after a rally from a low of €36.1/MWh, with focus on tightening supplies during the Norwegian maintenance season.

• TTF SEP 24 up 1.3% at 39.2€/MWh
• Norwegian pipeline supplies to Europe are down to the lowest since early June at 305.7mcm/d, according to Bloomberg as the maintenance season starts to ramp up. Gassco shows capacity reductions of 42.4mcm/d today rising to 237.25mcm/d on Sept. 2.
• Temperatures in NW Europe are expected to hold above normal over the coming two weeks although are forecast to drift back closer to normal during the second week.
• Gas transit flows via Sudzha are nominated near normal at 42.4mcm/d today, according to Ukraine’s gas transmission operator.
• Kremlin spox Dmitry Peskov has said that Ukraine's "decision not to extend the agreement on gas transit from Russia will cause serious damage to the interests of European consumers."
• European gas storage injections are holding near normal rates, taking stores up to 91.83% full on Aug 26 according to GIE compared to the five year average of 83.8%.
• Investment fund net long positioning in ICE TTF futures maintains just below the high from last week, according to the commitment of traders data for the week to Aug 23.
• LNG stockpiles held by Japanese utilities increased 6.74% w/w to 2.06m tons in the week to Aug. 25, according to data released by the trade ministry.
• Russian gas production increased 16% y/y in July to 52 bcm according to Kommersant reports.