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Natural Gas End of Day Summary: TTF Retreats

NATURAL GAS

TTF fell back negative on the day to extend the correction from the price spike mid last week.

  • TTF SEP 23 down -2.5% at 34.42€/MWh
  • TTF WIN 23 up 0.5% at 49.25€/MWh
  • Talks are ongoing and further negotiations scheduled for 15 Aug in attempts to stop the threat of Australian strikes potentially impacting about 10% of global LNG supplies. Australia's labour regulator has cleared the way for strike action at Chevron's Wheatstone platform, if workers decide to proceed.
  • Norwegian pipeline supplies to Europe are nominated today at 332.7mcm/d and in line with levels seen last week ahead of an expected drop later this month amid further maintenance works. Current works at Troll have been extended by one day while the reduced capacity at the Kollsnes facility has been revised up. Unavailable capacity at the UK’s St Fergus terminal has also been deepened.
  • *GASSCO CANCELS KARSTO GAS PLANT WORKS SET FOR AUG.15-SEPT.1
  • *GASSCO: ORMEN LANGE GAS WORKS DELAYED BY 4 DAYS TO AUG. 23 -bbg
  • Total European gas storage is gradually rising towards the EU pre-winter target with gas in store at 89.09% full on a 12 Aug according to GIE data compared to the five year average for this time of year of 75.1%.
  • LNG sendout to Europe remains below levels seen this time last year and has fallen back below 300mcm/d after a small pick up early last week. The recent surge in TTF has pushed near term spreads back in favour of US LNG supplies to Europe over Asia.
  • JKM-TTF Sep 23 up 1.3$/mmbtu at 0.88$/mmbtu
  • US LNG exports are currently most profitable when headed to Europe in September and November, and to Asia in October.
  • Import levels of LNG into Northwest Europe are expected to remain tepid in August compared to July, according to Bloomberg.
  • Imports of LNG into China are forecasted to rise to 1.55m mt in the next 7 days, according to OilChem, a rise of 37.2% on the previous week.
  • Oman LNG signed a binding agreement with Germany’s SEFE for the supply of around 400,000 t/yr of LNG from 2026, according to a statement from Oman’s Ministry of Energy and Minerals.
  • LNG - Nigeria is looking to expand gas export capability by expanding existing Nigeria LNG capacity with an additional seventh train from 22.5mtpa to 30mtpa, and with the addition of offshore floating LNG production.
    • Energy BulletsCommodities
    Energy BulletsCommodities

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