NATGAS: Mid-Day Gas Summary: TTF Resumes Rally

TTF front month is resuming the rally from yesterday with focus on tightening supplies during the Norwegian maintenance season.

• TTF SEP 24 up 2.6% at 38.62€/MWh
• Norwegian pipeline supplies to Europe are relatively unchanged on the day at 312.8mcm/d, according to Bloomberg. Gassco shows capacity reductions of 34.4mcm/d today will gradually rise in the coming week to a peak of 183.5mcm/d on Sept. 2.
• Temperatures in NW Europe are expected above normal into the start of September before easing lower back to near normal in the second week of the outlook.
• Gas transit flows via Sudzha are nominated near normal at 42.4mcm/d today, according to Ukraine’s gas transmission operator.
• European gas storage injections continue above normal rates as stores build beyond the EU target level up to 91.6% full on Aug 25 according to GIE compared to the five-year average of 83.6%.
• European LNG sendout was holding steady at 199mcm/d on Aug 25 according to Bloomberg compared to an average of 208mcm/d so far in August.
• The restart of Train 2 at the Ichthys LNG export facility in Darwin, Australia is scheduled for October, according to an Inpex statement.
• Higher gas prices for the Northern Hemisphere winter indicate the market is still finely balanced, according to Woodside Energy Group CEO, Meg O’Neill cited by Bloomberg.
• Egypt’s gas output fell to 5.01 bcf/d in Q2 and 4.923 bcf/d for June, according to MEES. These are the lowest figures since early 2017’s start-up of BP’s West Nile Delta project and ENI’s Zohr field.
• Israeli upstream player NewMed Energy touted Saudi Arabia’s Neom as a possible destination for gas volumes from Israel’s Leviathan offshore gas field, MEES said.