NATGAS: TTF Holds Steady Amid Warm Weather Across Europe

TTF front month is relatively unchanged so far today amid stable fundamentals and the gradual restocking of gas storage but an ongoing lack of clarity on the return of Freeport LNG with feedgas flows still estimated near zero according to Bloomberg.

• Temperatures across Europe are forecast above normal over the coming week especially in central and southern regions.  NW Europe could see slightly cooler temperatures back near to normal during the second week of the forecast.
• Norwegian pipeline supplies to Europe are nominated at 341.9mcm/d with Gassco showing outages of 15.7mcm/d today rising to 30.1mcm/d on Jul 18.
• European LNG sendout averaged around 251mcm/d in the week to July 12 according to Bloomberg compared to an average of 350mcm/d in the same period last year.
• European gas storage injections have risen to 80.77% full on July 13 according to GIE compared to the five year average of 71.3% with injection rates just below normal over the last week.
• Gas transit flows through Ukraine are at 42.0mcm/d today and Algeria gas flow to Italy at Mazara are back up to 56.9cm/d after a dip over the weekend.
• ICE TTF daily aggregate traded futures volume was at 197k on July 12.
  • TTF AUG 24 down 0.5% at 31.55€/MWh
  • TTF WIN 24 down 0.2% at 37.3€/MWh
  • TTF SUM 25 down 0.1% at 35.9€/MWh