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TTF down 6% After End to Norway Strike

NATURAL GAS

European Gas prices have fallen back 6% this morning after Norway’s government stepped in to halt the escalation of the strikes that were reducing gas and oil output.

  • The Norwegian government has proposed compulsory wage arbitration between the Lederne union and employers to prevent the potential of a 56% reduction in gas output. Norwegian flows are nominated at 333.2mcm/d compared to an average of 327mcm/d over the last week.
  • Pipeline supplies from Russia are still curtailed and remain relatively unchanged with Nord Stream nominated at 64.65mcm/d and transit through Ukraine of 41.1mcm/d. German is still concerned for the impact of the planned maintenance to Nord Stream for 10 days on 1tth July and whether flows will restart following the halt.
  • Injection into storage continue to keep pace with seasonal normal levels with European stocks now up to 59.8% full with an initial target of over 80% full by 1st November.
  • TTF AUG 22 down -6.4% at 154.5€/MWh
Energy BulletsCommodities
Energy BulletsCommodities

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