Natural Gas Summary at European Close: TTF Finds Support

TTF has rebounded to its highest intraday levels since Feb. 16, supported by planned maintenance at Norway’s Karsto, slightly cooler weather forecasts, and fears of extended disruption in the Red Sea.

• TTF MAR 24 up 2.6% at 24.63€/MWh
• Mild temperatures are forecast to continue in central and eastern Europe while NW Europe holds just above normal throughout the two week outlook.
• European gas storage remains above the previous five year range at 63.86% full on Feb 25 according to GIE data.
• EU net withdrawal rates fell back to 1,733TWh/d on Feb 25 from 2,998TWh/d on Feb. 23 according to GIE data.
• Norwegian pipeline supplies to Europe are again relatively unchanged with nominations at 343.2mcm/d today.
• Maintenance at Norway’s Karsto will now start March 11, taking 12.1 mcm/d offline until March 13.
• The European Commission is proposing the adoption of a Council recommendation to extend European natural gas demand saving measures of 15 by one year until 2025.
• The 174,000-cbm FSRU Energos Force is expected to be deployed in Stade in mid-March.
• Global weekly LNG imports edged up by 0.7% to 7.9mn tons during 19-25 February, according to BNEF.
• Global LNG consumption is expected to rise by 50% over the next decade, Woodside CEO Meg O’Neill said.
• The first cargo LNG from the new Tango FLNG in Congo is currently being loaded and will sail to Italy’s Piombino LNG terminal in the coming days, Eni said.
• Saudi Aramco said that work is currently underway to deliver production at Jafrurah, with an aim to produce 2 bcf/d by 2030, according to Argaam.