May 27, 2024 11:42 GMT
Supply Concerns Prevail for TTF Upward Direction
NATGAS
Front month TTF prices have maintained ground on Monday as improved gas flows from Norway and windier weather fail to overcome supply concerns.
- TTF JUN 24 up 1.4% at 34.58€/MWh
- Traders are also weighing risks to supply concerns with competition from Asian LNG buyers.
- Prices jumped as much as 11% last week as Austria’s OMV warned Russia’s Gazprom may cut its supplies over a pay dispute while LNG prices rose to their highest in 5-months over competition with Asia.
- An outage at Brunei LNG continues after an outage on May 20.
- Despite concerns, European stockpiles remain seasonally strong heading into the summer months of weaker demand.
- Norwegian gas supply on Monday was up 11 million cubic metres (mcm) per day from Friday after maintenance at the Oseberg field and Kollsnes processing plant ended over the weekend according to LSEG.
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