Natural Gas Summary at European Close: TTF Slides

Front month TTF has slid to new intraday lows as European market close nears. It follows an upward revision in temperatures which points to less heating demand.

• TTF MAR 24 down -4.1% at 28.11€/MWh
• TTF SUM 24 down -4.1% at 28.72€/MWh
• Nominations for Norwegian pipeline supplies to Europe are down at 288.4mcm/d today.
• Temperatures in NW and central Europe have been revised up to remain above the seasonal norm throughout the next two weeks.
• European natural gas storage was at 69.14% full on Feb 3 according to GIE data.
• LNG imports into Europe and Turkey last week fell 18% from the previous week to the lowest since the first week of the year at 2.9bcm: Kpler data cited by Montel.
• The weak JKM premium to European gas prices suggests that the high volumes delivered to Asia are more likely the result of a supply push than of a demand pull, Goldman Sachs said in a note.
• An Australian gas industry group has called on the government to unlock new supply to avoid domestic shortfalls and to maintain the country’s export industry, cited by Bloomberg.
• Venture Global LNG has signed a deal for the right to deliver 3m tons of LNG per year to the Grain LNG import terminal for 16 years from 2029.
• The US emphasized to its LNG importers that the pause on new LNG export project approvals does not threaten LNG supplies to customers, US Assistant Secretary of State for Energy Resources Geoffrey Pyatt said.