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NATGAS: Mid-Day Gas Summary: TTF Rallies to €40/MWh

NATGAS
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TTF front month edges back up to €40/MWh with an extended capacity reduction at Troll adding to the LNG supply risk premium due to the Middle East conflict.

  • Norwegian pipeline supplies to Europe today have been revised slightly lower to 304.3mcm/d, according to Bloomberg. Gassco shows Troll unavailable capacity up to 13.2mcm/d until Oct. 8 due to compressor failure with uncertain capacity consequence and duration.
  • Temperatures in NW Europe are expected to warm back above normal from the current cold over the weekend before dropping again late next week.
  • The number of US LNG export cargoes recovered to 25 in the week to Oct. 2 from 22 cargoes the previous week, according to the EIA despite the ongoing Cove Point maintenance.
  • China’s Sinopec is seeking a price review to lower the price of an existing 7.6mtpa Australian LNG supply agreement to match current market fundamentals, according to Bloomberg.
    • TTF NOV 24 up 0.1% at 39.97€/MWh
    • TTF Q1 25 up 0.2% at 40.75€/MWh
    • TTF SUM 25 up 0.1% at 38.64€/MWh
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TTF front month edges back up to €40/MWh with an extended capacity reduction at Troll adding to the LNG supply risk premium due to the Middle East conflict.

  • Norwegian pipeline supplies to Europe today have been revised slightly lower to 304.3mcm/d, according to Bloomberg. Gassco shows Troll unavailable capacity up to 13.2mcm/d until Oct. 8 due to compressor failure with uncertain capacity consequence and duration.
  • Temperatures in NW Europe are expected to warm back above normal from the current cold over the weekend before dropping again late next week.
  • The number of US LNG export cargoes recovered to 25 in the week to Oct. 2 from 22 cargoes the previous week, according to the EIA despite the ongoing Cove Point maintenance.
  • China’s Sinopec is seeking a price review to lower the price of an existing 7.6mtpa Australian LNG supply agreement to match current market fundamentals, according to Bloomberg.
    • TTF NOV 24 up 0.1% at 39.97€/MWh
    • TTF Q1 25 up 0.2% at 40.75€/MWh
    • TTF SUM 25 up 0.1% at 38.64€/MWh