April 26, 2024 15:38 GMT
Natgas Summary at European Close: TTF Extends Losses
NATGAS
Front month TTF has extended losses throughout the session to trade well below last Friday’s close of €30.758/MWh, weighed on by muted demand due to above-normal temperatures and high renewables output in the week ahead. Reduced supply from Norway and ongoing Freeport LNG export terminal problems are supportive but upside is limited by muted demand.
- TTF MAY 24 down 2.1% at 29.15€/MWh
- TTF Q3 24 down 1.8% at 29.77€/MWh
- Norwegian pipeline supplies to Europe are today nominated up slightly to 294.4mcm/d after the return of Ormen Lange. Gassco reports outages at Dvalin, Nyhamna, Aasta Hansteen, and Oseberg today ahead of peak outages of 89.6mcm/d over the coming weekend.
- Norway’s Hammerfest LNG facility extended its unplanned outage by one day until 27 April, Gassco remit data showed.
- Flows to the US Freeport LNG terminal are estimated at 0.08bcf/d on Friday, compared with 0.02bcf/d according to Bloomberg, suggesting all three trains are still offline.
- Temperatures in NW and central Europe are forecast above normal throughout the coming two weeks with a peak around May1 before drifting closer to normal.
- German onshore and offshore wind, combined with solar PV output is forecast to rise to 42.6GW during peak-load in the next seven days, data from spotrenewables showed.
- European gas storage declined again yesterday amid net withdrawals this week. GIE data shows total stores are now 61.74% full compared to the five year average of 45.4%.
- European LNG sendout was steady at 355mcm/d on April 24 compared to an average of 335mcm/d so far in April.
- European politicians understand the potential impact of sanctions on LNG from Russia, and do not want a repeat of the gas crisis of 2022 according to TotalEnergies CEO Patrick Pouyanne.
- Azerbaijani gas shipments to Hungary under a contract for 100 million cubic meters began in April of this year according to Azerbaijani Minister of Labor and Social Protection of the Population Sahil Babayev.
- Russia’s Gazprom has updated its domestic natural gas storage target for the coming winter at 73.034bcm, with a max withdrawal rate of 858.8mcm/d.
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