NATGAS: Mid-Day Gas Summary: TTF Weakens

TTF is edging down to its lowest since Aug. 27 with high storage ahead of the winter heating season offsetting geopolitical risks. 

• TTF OCT 24 down 2.5% at 37.6€/MWh
• Norwegian pipeline supplies to Europe have fallen to 173.1mcm/d today, according to Bloomberg. Gassco shows capacity reductions of 200mcm/d today rising back to 237mcm/d tomorrow before the outages reduce to 165mcm/d by the end of the week.
• The weather forecast shows temperatures are expected above normal in NW and central Europe this week.
• European gas storage is 92.4% full on Sep 1 according to GIE.
• European industrial and residential-commercial (res-com) gas demand is set for month-on-month increases in September following the end of the holiday period according to ICIS.
• The Everest Energy LNG carrier is returning to the Arctic LNG 2 facility in Russia to reload despite tighter US sanctions, according to Bloomberg.
• The EU11 & GB region averaged 95% fullness on September, 2 percentage points higher year on year according to GIE numbers.
• A backlog of LNG tankers has formed outside the Bintulu LNG facility, Malaysia this week after outages and maintenance work disrupted production in August according to Kpler and LSEG.
• Global LNG demand fell 20% in the week to Sep 1 to 6.49m mt driven by Japan and mainland China, according to BNEF.
• The Southeast Asian LNG marker fell to its widest discount vs JKM since October, Platts said.
• The global LNG market is vulnerable to further short-term tightening after recent demand in Asia due to unseasonably high temperatures and with hurricane threats to US exports, according to ICIS