Natural Gas Summary at European Close: TTF Regains Ground

Front month TTF is jumped to be trading higher on the day amid possible LNG supply disruptions from Freeport LNG’s closure of one unit for the next month. TTF is down around 1.6% since the start of the week.

• TTF FEB 24 up 0.6% at 27.95€/MWh
• TTF SUM 24 up 0.2% at 28.86€/MWh
• Freeport LNG expects one of its three liquefaction units at the export facility to be out of service for one month after it had faced technical issues during the winter storm Heather earlier this month according to Reuters, citing a company spokesperson.
• US President Joe Biden paused pending approvals of new LNG exports projects on Friday until the DOE has reviewed the economic and environmental impacts of new projects seeking approval.
• European natural gas storage is down to 73.04% full on Jan 24 according to GIE data
• Global gas demand is set for stronger growth in 2024 despite geopolitical uncertainty according to the IEA Quarterly Gas Market Report.
• The EU is eyeing to rule out a renewal of Russian natural gas transits via Ukraine to Europe once the deal expires are the end of 2024.
• Mild temperatures and sustained high stock levels among Asian utilities are clouding the post-winter market outlook for Asian LNG, according to Platts.
• The Japan Organization for Metals and Energy Security (JOGMEC) is planning to give financial support to Japanese companies for new LNG projects.
• Indonesia may issue LNG import licenses as the country is expected to face a shortfall of around ten LNG cargoes in 2024.