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NATGAS: Mid-Day Gas Summary: TTF Loses Ground

NATGAS
Energy BulletsBulletPower BulletsCommodities

TTF is losing ground today with milder weather across Europe easing pressure on gas storage following the early season withdrawals. The market continues to weigh the supply risk to Russia gas transit via Ukraine along with competition for LNG imports from Asia.

  • TTF DEC 24 down 1% at 46.3€/MWh
  • The current weather forecasts show temperatures across Europe holding near or slightly above normal into the first week of December.
  • European gas storage is down to 87.04% full on Nov. 26, according to GIE compared to the previous five-year average of 89.2% with near normal net withdrawals since Nov. 24.
  • Gas transit flows via Sudzha remain stable at 42.3mcm/d today, according to Ukraine’s gas transmission operator.
  • Massive Russian airstrikes overnight have knocked out power and utilities in cities across Ukraine. Up to a million people in cities including Lviv, Kherson, Lutsk, and Zhytomyr are without power
  • European LNG sendout was 358mcm/d on Nov. 26, according to Bloomberg compared to an average of 321mcm/d so far in November and around 445mcm/d this time last year.
  • Norwegian pipeline supplies to Europe are at 326.4mcm/d today, according to Bloomberg, amid planned outages at Heidrun and Dvalin reducing available capacity by 13.9mcm/d.
  • Venture Global has sold LNG cargoes from its new Plaquemines terminal for the initial months of 2025 through a short-term strip offered earlier in 2024, sources told Platts.
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TTF is losing ground today with milder weather across Europe easing pressure on gas storage following the early season withdrawals. The market continues to weigh the supply risk to Russia gas transit via Ukraine along with competition for LNG imports from Asia.

  • TTF DEC 24 down 1% at 46.3€/MWh
  • The current weather forecasts show temperatures across Europe holding near or slightly above normal into the first week of December.
  • European gas storage is down to 87.04% full on Nov. 26, according to GIE compared to the previous five-year average of 89.2% with near normal net withdrawals since Nov. 24.
  • Gas transit flows via Sudzha remain stable at 42.3mcm/d today, according to Ukraine’s gas transmission operator.
  • Massive Russian airstrikes overnight have knocked out power and utilities in cities across Ukraine. Up to a million people in cities including Lviv, Kherson, Lutsk, and Zhytomyr are without power
  • European LNG sendout was 358mcm/d on Nov. 26, according to Bloomberg compared to an average of 321mcm/d so far in November and around 445mcm/d this time last year.
  • Norwegian pipeline supplies to Europe are at 326.4mcm/d today, according to Bloomberg, amid planned outages at Heidrun and Dvalin reducing available capacity by 13.9mcm/d.
  • Venture Global has sold LNG cargoes from its new Plaquemines terminal for the initial months of 2025 through a short-term strip offered earlier in 2024, sources told Platts.