NATGAS: TTF Eases Back After Boost from LNG Competiion and Freeport Uncertainty

TTF front month has fallen back from a high of €32.98/MWh yesterday which was supported by rising LNG demand from Egypt.

• Reports of a drop in power supply to Freeport LNG added to support but gas feedgas flows have recovered today to 1.26bcf/d from a revised 0.49bcf/d yesterday, according to Bloomberg.
• Temperatures in NW Europe are forecast to rise from near normal over the weekend to above normal next week and maintain the warmth into the first week of August.
• Norwegian pipeline supplies to Europe are today up to 331.2mcm/d with Gassco showing a further drop in capacity reductions through the rest of the month.
• European LNG sendout has edged slightly lower to 236mcm/d on July 23 compared to an average of 252mcm/d over the previous week, according to Bloomberg.
• European gas storage injections dipped slightly below normal on July 23 after averaging above normal over the previous week. Gas in store is up to 83.37% full on July 23 according to GIE compared to the five year average of 73.75%.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are up to 62.2cm/d.
• ICE TTF daily aggregate traded futures volume was at 267k on July 24.
  • TTF AUG 24 down 1.1% at 32.27€/MWh
  • TTF WIN 24 down 0.6% at 37.45€/MWh
  • TTF SUM 25 down 0.4% at 36.3€/MWh