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NATGAS: Mid-Day Gas Summary: TTF Pulls Back from High

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European gas markets steady after a pull back from a high of €39.5/MWh yesterday as markets assess the impact of Middle East escalations and warming weather in NW Europe next week. European supply remains stable with a dip in LNG sendout as pipeline supply from Norway and Algeria slowly recovers from maintenance.

  • TTF NOV 24 down 2.5% at 38.08€/MWh
  • TTF Q1 25 down 2.1% at 38.81€/MWh
  • TTF SUM 25 down 1.5% at 37.08€/MWh
  • LNG floating storage has risen again in the last week, up 3.5% on the week to 4.44m tons, to continue the trend in place since mid August ahead of the upcoming winter heating season.
  • A new Greek LNG storage and regasification unit off Alexandroupolis started commercial operations off the country’s northeastern coast on Tuesday.
  • Italy's OLT LNG terminal is scheduled to resume operations on Nov. 24 after completing extraordinary maintenance.
  • Russia’s Jan-Sep LNG exports increased by 7.3% y/y to 23.5 million metric tons according to LSEG data. Exports in September rose by 2.6% m/m to 2.81 million tons.
  • Global LNG demand rose 27% in the week to Sept. 29 to 8.24m metric tons driven by an increase to Asia, according to BNEF. Global LNG supply fell by 1% from the previous week to 7.85m tons with a 0.25m tons increase from Qatar offsetting a 0.25m tons decline from the U.S.
  • Kazakhstan is in talks to boost gas exports to China involving “significantly higher volumes” than current exports and with the possibility of an additional pipeline, according to Bloomberg.
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European gas markets steady after a pull back from a high of €39.5/MWh yesterday as markets assess the impact of Middle East escalations and warming weather in NW Europe next week. European supply remains stable with a dip in LNG sendout as pipeline supply from Norway and Algeria slowly recovers from maintenance.

  • TTF NOV 24 down 2.5% at 38.08€/MWh
  • TTF Q1 25 down 2.1% at 38.81€/MWh
  • TTF SUM 25 down 1.5% at 37.08€/MWh
  • LNG floating storage has risen again in the last week, up 3.5% on the week to 4.44m tons, to continue the trend in place since mid August ahead of the upcoming winter heating season.
  • A new Greek LNG storage and regasification unit off Alexandroupolis started commercial operations off the country’s northeastern coast on Tuesday.
  • Italy's OLT LNG terminal is scheduled to resume operations on Nov. 24 after completing extraordinary maintenance.
  • Russia’s Jan-Sep LNG exports increased by 7.3% y/y to 23.5 million metric tons according to LSEG data. Exports in September rose by 2.6% m/m to 2.81 million tons.
  • Global LNG demand rose 27% in the week to Sept. 29 to 8.24m metric tons driven by an increase to Asia, according to BNEF. Global LNG supply fell by 1% from the previous week to 7.85m tons with a 0.25m tons increase from Qatar offsetting a 0.25m tons decline from the U.S.
  • Kazakhstan is in talks to boost gas exports to China involving “significantly higher volumes” than current exports and with the possibility of an additional pipeline, according to Bloomberg.