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NATGAS: TTF Drops from High but Heading for Net Weekly Gain on Supply Concern

NATGAS
Energy BulletsBulletPower BulletsCommodities

TTF front month is easing back slightly today but heading for a net gain on the week after rising to a high of 37.075/MWh yesterday due to supply risks from rising Middle East tensions and strong LNG demand from Asia and Egypt amid hot weather.

  • Slightly cooler temperatures, nearer to normal, are expected in NW Europe over the weekend before rising back above normal into next week and through the middle of August. 
  • Norwegian pipeline supplies to Europe are today at 341.9mcm/d while Gassco shows capacity reductions of 17.6mcm/d remaining for the next couple of days.
  • European LNG sendout was steady at 223mcm/d on July 31, according to Bloomberg compared to the July average of 244mcm/d. 
  • European gas in store is up to 85.12% full on July 31 according to GIE compared to the five year average of 76.1% as injection rates hold just below normal.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 54.95cm/d.
  • ICE TTF daily aggregate traded futures volume was at 212k on Aug 1.
    • TTF SEP 24 down 1.9% at 36.27€/MWh
    • TTF WIN 24 down 1.3% at 39.9€/MWh
    • TTF SUM 25 down 1.3% at 38.6€/MWh
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TTF front month is easing back slightly today but heading for a net gain on the week after rising to a high of 37.075/MWh yesterday due to supply risks from rising Middle East tensions and strong LNG demand from Asia and Egypt amid hot weather.

  • Slightly cooler temperatures, nearer to normal, are expected in NW Europe over the weekend before rising back above normal into next week and through the middle of August. 
  • Norwegian pipeline supplies to Europe are today at 341.9mcm/d while Gassco shows capacity reductions of 17.6mcm/d remaining for the next couple of days.
  • European LNG sendout was steady at 223mcm/d on July 31, according to Bloomberg compared to the July average of 244mcm/d. 
  • European gas in store is up to 85.12% full on July 31 according to GIE compared to the five year average of 76.1% as injection rates hold just below normal.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 54.95cm/d.
  • ICE TTF daily aggregate traded futures volume was at 212k on Aug 1.
    • TTF SEP 24 down 1.9% at 36.27€/MWh
    • TTF WIN 24 down 1.3% at 39.9€/MWh
    • TTF SUM 25 down 1.3% at 38.6€/MWh