TTF Declines As Australian LNG  Unions Consider “Strong Offer”

TTF front month has dropped back to the levels seen at the start of this month before the potential Australian LNG strikes were announced as workers unions are considering a “strong offer” from Woodside after negotiations on Wednesday.

• TTF SEP 23 down -16.3% at 30.8€/MWh
• TTF WIN 23 down -10.3% at 47.25€/MWh
• TTF SUM 24 down -6.9% at 49.84€/MWh
• The Offshore Alliance said further details of the settlement will be released after a meeting with members on Thursday.
• If the strikes are averted, it comes just in time ahead of the start of seasonal Norwegian maintenance. The main outages including at Troll and Kollsnes are expected from 26 Aug. Norwegian pipeline supplies to Europe are today nominated down at 269.7mcm/d
• LNG sendout to Europe was at 306mcm/d on 22 Aug and still remains below levels seen this time last year.
• European gas storage is up to 91.62% full on a 22 Aug according to GIE data compared to the five year average for this time of year of 78.6%.
• Temperature forecasts in NW and central Europe are relatively unchanged and still expected to cool in the next could of days back to near of slightly above normal.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 64.9mcm/d.