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NATGAS: TTF Softer on Easing Supply Risk Sentiment

NATGAS

TTF front month is holding steady today after pulling back yesterday as supply risks ease with the slow return of the US Freeport LNG terminal and with cooler weather in NW Europe next week.

  • Temperatures in NW Europe are forecast above normal into the weekend before easing back to near normal next week and for the remainder of the two week outlook.
  • Norwegian pipeline supplies to Europe are today nominated at 332.8mcm/d with Gassco outages of 24.1mcm/d today falling to 10.7mcm/d next week.
  • European LNG sendout is holding at 241mcm/d on July 16 according to Bloomberg after recovering from a low of 218mcm/d over last weekend but remains well below levels of just over 400mcm/d in mid July last year.
  • European gas storage injections have risen to 81.38% full on July 15 according to GIE compared to the five year average of 71.8% with near normal injection rates.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 59.4cm/d.
  • ICE TTF daily aggregate traded futures volume was at 239k on July 17.
    • TTF AUG 24 down 0.4% at 31.77€/MWh
    • TTF WIN 24 down 0.1% at 37.09€/MWh
    • TTF SUM 25 up 0.1% at 35.75€/MWh

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