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NATGAS: TTF Extends Pull Back Amid Mild Weather Forecast

NATGAS
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TTF extends the decline from yesterday with milder weather across Europe easing demand.

  • The current weather forecasts show temperatures across Europe holding near or slightly above normal into the first week of December.
  • European gas storage is down to 87.39% full on Nov. 25, according to GIE compared to the previous five year average of 89.5% with net withdrawals back near normal levels.
  • Russia’s Gazprom is assuming no gas flows will go via Ukraine after Dec 31 in internal planning according to Reuters. Gas transit flows via Sudzha are 42.3mcm/d today, according to Ukraine’s gas transmission operator.
  • European LNG sendout was down to up to 345mcm/d on Nov. 25, according to Bloomberg but still below levels of around 445mcm/d this time last year.
  • Norwegian pipeline supplies to Europe are lower at 327mcm/d today, according to Bloomberg as Gassco shows planned outages at Heidrun and Dvalin totalling 13.9mcm/d.
  • Algeria gas flow to Italy at Mazara is 60.9mcm/d today, according to Bloomberg.
  • ICE TTF daily aggregate traded futures volume was 447k on Nov. 26.
    • TTF DEC 24 down 1.9% at 46.3€/MWh
    • TTF Q1 25 down 1.9% at 46.8€/MWh
    • TTF SUM 25 down 1.8% at 44.8€/MWh
    • TTF WIN 25 down 1.1% at 41.25€/MWh
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TTF extends the decline from yesterday with milder weather across Europe easing demand.

  • The current weather forecasts show temperatures across Europe holding near or slightly above normal into the first week of December.
  • European gas storage is down to 87.39% full on Nov. 25, according to GIE compared to the previous five year average of 89.5% with net withdrawals back near normal levels.
  • Russia’s Gazprom is assuming no gas flows will go via Ukraine after Dec 31 in internal planning according to Reuters. Gas transit flows via Sudzha are 42.3mcm/d today, according to Ukraine’s gas transmission operator.
  • European LNG sendout was down to up to 345mcm/d on Nov. 25, according to Bloomberg but still below levels of around 445mcm/d this time last year.
  • Norwegian pipeline supplies to Europe are lower at 327mcm/d today, according to Bloomberg as Gassco shows planned outages at Heidrun and Dvalin totalling 13.9mcm/d.
  • Algeria gas flow to Italy at Mazara is 60.9mcm/d today, according to Bloomberg.
  • ICE TTF daily aggregate traded futures volume was 447k on Nov. 26.
    • TTF DEC 24 down 1.9% at 46.3€/MWh
    • TTF Q1 25 down 1.9% at 46.8€/MWh
    • TTF SUM 25 down 1.8% at 44.8€/MWh
    • TTF WIN 25 down 1.1% at 41.25€/MWh