NATGAS: TTF Gains on LNG Competition from Egypt but Net Down on Week

TTF front month is gaining ground with increased risk of supply amid competition from Egypt but still net down on the week despite the tighter pipeline gas supplies from Norway and Algeria.

• Egypt is seeking to buy 20 cargoes of LNG from October to December as the summer imports continue into the winter season.
• Norwegian pipeline supplies to Europe are today nominated relatively unchanged on the day at 191.8mcm/d, according to Bloomberg. Gassco shows outages of 169mcm/d today rising to 237mcm/d tomorrow with the delayed start of reduced capacity at Nyhamna and Kollsnes.
• European LNG sendout was up at the highest since May at 290mcm/d on Sept 4 according to Bloomberg as flows rise to cover for missing pipeline supplies.
• European gas storage edges up to 92.65% full on Sep 4 according to GIE compared to the five year average of 85.65% with low injections rates during the period of tighter supplies this week.
• Above normal temperatures in NW Europe this weekend are expected to give way to colder weather below normal next week followed by a recovery to near normal after mid-September.
• Gas transit flows via Sudzha are nominated at 42.3mcm/d today, according to Ukraine’s gas transmission operator.
  • TTF OCT 24 up 2.3% at 37.02€/MWh
  • TTF WIN 24 up 1.8% at 39.42€/MWh
  • TTF SUM 25 up 1.7% at 38.45€/MWh