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NATGAS: TTF Holds Steady Amid Ongoing Curtailed Pipeline Supplies

NATGAS

TTF ticks higher to hold within the €34.67/MWh to €36.34/MWh range seen in recent days with a limited impact from Hurricane Francine on US LNG terminals. Muted demand and high underground and floating storage are helping to ease tight supply fears amid curtailed pipeline supplies to Europe ahead of the winter heating season.

  • Temperatures in NW Europe are expected to gradually recover from the cold this week, rising back above normal next week and then holding at or just above towards the end of the month.
  • Norwegian pipeline supplies to Europe are today nominated at 194.0mcm/d, according to Bloomberg. Gassco shows outages of 181.9mcm/d today rising to 211.6mcm/d over the weekend.
  • Algeria gas flow to Italy at Mazara have edged back up to 30.2mcm/d today, according to Bloomberg, but still about half normal levels.
  • Gas transit flows via Sudzha are nominated at 42.3mcm/d today, according to Ukraine’s gas transmission operator.
  • European LNG sendout was almost unchanged on the day at 253mcm/d on Sept. 11, according to Bloomberg, in line with the average of 254mcm/d so far this month.
  • Small net injection rates have taken European gas storage up to 93.24% full on Sep 11, according to GIE, compared to the five year average of 86.9%.
  • ICE TTF daily aggregate traded futures volume was 281k on Sep 12.
    • TTF OCT 24 up 1.3% at 35.66€/MWh
    • TTF WIN 24 up 1.3% at 37.75€/MWh
    • TTF SUM 25 up 0.9% at 36.48€/MWh
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