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NATGAS: Mid-Day Gas Summary: TTF Pulls Back Below €40/MWh

NATGAS
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TTF extends the pull back from a highest of €41.18MWh on Oct. 4 as Slovakia aims to continue gas supplies transit via Ukraine next year amid ongoing Middle East conflict. Norway pipeline supply and LNG imports have been increasing although the current unplanned Troll outage was earlier extended.

  • Slovak Prime Minister aims to convince Ukraine not to stop gas transit at the end of 2024 when the current transit expires, according to Reuters.
  • Norwegian pipeline supplies to Europe are nominated down slightly to 310.4mcm/d today, according to Bloomberg. Extended unplanned Troll works will keep outages of 41.8mcm/d in the coming says, Gassco shows.
  • Norway's government draft budget projects natural gas output to fall 1.6% y/y, according to Reuters.
  • Japan’s JERA and South Korea's Korea Gas Corp are collaborating on LNG cooperation opportunities including joint procurement and cargo swaps, according to Japan's METI cited by Reuters. JOGMEC has separately signed a preliminary agreement with Italy’s Eni to cooperate on LNG procurement.
  • Increasing LNG demand from China, South Asia and Southeast Asia and rising data centre energy requirements could keep global LNG supply tight this decade, according to Yumiko Yao, at Tokyo Gas cited by Bloomberg.
  • China is set to remain the main global buyer of LNG in 2024 and 2025 due strong industrial demand, said Keisuke Sadamori at IEA.
    • TTF NOV 24 down 2.9% at 39.8€/MWh
    • TTF Q1 25 down 2.4% at 40.62€/MWh
    • TTF SUM 25 down 1.7% at 38.65€/MWh
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TTF extends the pull back from a highest of €41.18MWh on Oct. 4 as Slovakia aims to continue gas supplies transit via Ukraine next year amid ongoing Middle East conflict. Norway pipeline supply and LNG imports have been increasing although the current unplanned Troll outage was earlier extended.

  • Slovak Prime Minister aims to convince Ukraine not to stop gas transit at the end of 2024 when the current transit expires, according to Reuters.
  • Norwegian pipeline supplies to Europe are nominated down slightly to 310.4mcm/d today, according to Bloomberg. Extended unplanned Troll works will keep outages of 41.8mcm/d in the coming says, Gassco shows.
  • Norway's government draft budget projects natural gas output to fall 1.6% y/y, according to Reuters.
  • Japan’s JERA and South Korea's Korea Gas Corp are collaborating on LNG cooperation opportunities including joint procurement and cargo swaps, according to Japan's METI cited by Reuters. JOGMEC has separately signed a preliminary agreement with Italy’s Eni to cooperate on LNG procurement.
  • Increasing LNG demand from China, South Asia and Southeast Asia and rising data centre energy requirements could keep global LNG supply tight this decade, according to Yumiko Yao, at Tokyo Gas cited by Bloomberg.
  • China is set to remain the main global buyer of LNG in 2024 and 2025 due strong industrial demand, said Keisuke Sadamori at IEA.
    • TTF NOV 24 down 2.9% at 39.8€/MWh
    • TTF Q1 25 down 2.4% at 40.62€/MWh
    • TTF SUM 25 down 1.7% at 38.65€/MWh