Natural Gas End of Day Summary: TTF extends Rally

TTF has rallied further on the day as some risk of Australian strike disruption remains and Norwegian pipeline flow nominations fell to their lowest since mid-June.

• TTF SEP 23 up 10.6% at 35.31€/MWh
• TTF WIN 23 up 4.5% at 49.44€/MWh
• TTF SUM 24 up 3.8% at 51.3€/MWh
• Offshore Alliance members have endorsed an in-principle agreement with Woodside Energy with a final draft of Enterprise Agreement provided to OA on Monday.
• Pipeline gas flows from Norway to Europe are nominated down to the lowest since mid June at 216.8mcm/d on 25 Aug as season maintenance outages ramp up. Flows compare to 255mcm/d yesterday and around 330mcm/d last week.
• LNG sendout to Europe was back up to at 320mcm/d on 23 Aug after dropping as low as 260mcm/d last weekend. Import flows to NW Europe remain below levels seen this time last year.
• European gas storage is up to 91.86% full on a 23 Aug according to GIE data compared to the five year average for this time of year of 78.85%.
• Mild temperatures this coming winter could drive European gas prices lower although the market is expected to remain volatile with tight supply according to the director of European gas research at LSEG via Montel.
• Production at Chinese LNG liquefaction facilities rose 7.93% to 424,500 mt in the week to Aug. 24, according to OilChem.
• Ukrainian storage injections have been gradually increasing since May and storage levels are expected to continue to build unless temperatures fall below normal in the Sep and Oct shoulder months.
• Kinder Morgan said Aug. 24 that the Centreville compressor station in Tennessee will likely be out of service until October.
• First Gen’s BW Batangas FSRU has returned to Batangas Bay in the Philippines after receiving its first cargo, according to ICIS.