TTF Back Below 30€/MWh on Low Demand and Healthy Supply

European gas prices have opened lower again today and with front month TTF back below 30€/MWh. The market remains weak weighed down by low demand in Europe combined with strong LNG supplies and healthy storage and despite ongoing Norwegian field maintenance.

• TTF JUN 23 down -2.3% at 29.48€/MWh
• Temperatures are expected above normal across most of Europe this week although the Mediterranean will hold onto temperatures just below normal.
• Total European LNG sendout remains strong having averaged around 450mcm/d last week.
• European gas storage injections were still lagging just slightly below the five year average level over the last week. European gas storage up to 65.61% full on 20 May according to GIE data compared to the five year average of 46.9%.
• Imports from Norway are today down at 245.8mcm/d with maintenance outages including at Ormen Lange, Aasta Hansteen and Troll into mid June.
• Gas transit flows through Ukraine are today at 40.9mcm/d and Algeria gas flow to Italy at Mazara are down to 47.2mcm/d.