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NATGAS: TTF Eases Lower but Holds Within €3/MWh Range

NATGAS

TTF edges lower after a slight recovery yesterday as front month has bounced between €30.325/MWh and €33.285 in the last couple of weeks with muted demand and healthy storage set against supply risks.

  • Temperatures in NW Europe are forecast near normal this week before gradually increasing back above normal through the second week of the outlook. 
  • Norwegian pipeline supplies to Europe are today nominated at 320.7mcm/d. Gassco shows capacity reductions totalling 45.6mcm/d today gradually declining until the end of the month.
  • European LNG sendout was to 247mcm/d on July 21 compared to an average of 248mcm/d in the previous week, according to Bloomberg.
  • European gas storage injections have risen to 82.91% full on July 21 according to GIE compared to the five year average of 73.2%. A continuation of average injection rates since April would bring European storage up to the EU target of 90% by August 22.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are up to 60.4cm/d.
  • ICE TTF daily aggregate traded futures volume was at 185k on July 22.
    • TTF AUG 24 down 0.7% at 31.62€/MWh
    • TTF WIN 24 down 0.7% at 36.66€/MWh
    • TTF SUM 25 down 0.7% at 35.35€/MWh
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