Natural Gas Summary at European Close: TTF Declines

TTF continued its easing back today after yesterday’s gains amid pressure from a slight upward revision in weather forecasts and overall bearish short-term fundamentals.

• TTF APR 24 down -2.3% at 25€/MWh
• Temperatures in NW and central Europe are expected to remain above normal in the coming week before drifting back to near normal in the second week of the outlook.
• European gas storage was up at 63.13% full according to GIE data.
• Norwegian pipeline supplies to Europe are down at 336.5mcm/d.
• LNG imports are set to fall in February from last month according to Bloomberg ship tracking.
• Lithuania will call for an EU ban on Russian LNG imports at a meeting of energy ministers on Monday according to Montel citing a senior EU diplomatic source
• New Fortress Energy expects to start LNG production at its first FLNG project off Altamira, Mexico in March and first cargo in April 2024 according to LNG Prime.
• Commonwealth LNG has delayed an FID on the six-liquefaction train 9.3mtpa LNG facility in Cameron, Louisiana.
• TotalEnergies signed a deal with Singapore’s Sembcorp Fuels for the delivery of up to 0.8mtpa of LNG for the duration of 16 years.
• Glencore has purchased an LNG cargo for 25-27 April delivery to Northeast Asia from Unipec via the MOC Window from S&P Global Commodity Insights, traders told Bloomberg.