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Strong EU LNG Imports Add to Weaker TTF

NATURAL GAS

TTF extends decline with strong LNG flows and near full storage levels.

  • Another 27 cargoes are currently expected into NW Europe before the end of this month with nearly 60% originating from US.
  • Net flows into Europe have averaged 413mcm/d so far this month up from around 370mcm/d in the last week of October.
  • LNG at sea for at least 20 days was up at 4.56m tons as of Nov 6 with tankers waiting for regas terminal availability, cold weather and higher prices. A few cargoes were diverted to the Pacific Basin last week but this has not been seen yet to be the start of a wider trend.
  • The US LNG netback to Europe is down to 26.08$/mmbtu and the netback to Asia is down to 19.11$/mmbtu.
    • TTF DEC 22 down -8.1% at 104.3€/MWh
    • NBP DEC 22 down -7.4% at 246.77p/th
    • JKM Dec 22 down -0.2% at 27.67$/mmbtu
    • JKM-TTF Dec 22 up 1.1$/mmbtu at -3.66$/mmbtu
    • US Natgas DEC 22 up 0.3% at 6.26$/mmbtu

Source: MNI / Bloomberg

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TTF extends decline with strong LNG flows and near full storage levels.

  • Another 27 cargoes are currently expected into NW Europe before the end of this month with nearly 60% originating from US.
  • Net flows into Europe have averaged 413mcm/d so far this month up from around 370mcm/d in the last week of October.
  • LNG at sea for at least 20 days was up at 4.56m tons as of Nov 6 with tankers waiting for regas terminal availability, cold weather and higher prices. A few cargoes were diverted to the Pacific Basin last week but this has not been seen yet to be the start of a wider trend.
  • The US LNG netback to Europe is down to 26.08$/mmbtu and the netback to Asia is down to 19.11$/mmbtu.
    • TTF DEC 22 down -8.1% at 104.3€/MWh
    • NBP DEC 22 down -7.4% at 246.77p/th
    • JKM Dec 22 down -0.2% at 27.67$/mmbtu
    • JKM-TTF Dec 22 up 1.1$/mmbtu at -3.66$/mmbtu
    • US Natgas DEC 22 up 0.3% at 6.26$/mmbtu

Source: MNI / Bloomberg