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TTF Drifts Down from Highs Awaiting Australia LNG Strike Update

NATURAL GAS

TTF front month has opened slightly lower after reaching the highest since early April at 44.8€/MWh yesterday. The market awaits news regarding potential strikes impacting LNG supplies from Australia with talks between Woodside and workers taking place today. Strikes could start as early as 2 Sept if an agreement isn’t reach on Wednesday.

    • TTF SEP 23 down -2.5% at 41.85€/MWh
    • TTF WIN 23 down -1.2% at 55.89€/MWh
    • TTF SUM 24 down -0.8% at 55.95€/MWh
  • Norwegian pipeline supplies to Europe are about 35mcm/d down from levels seen earlier in August at 300.7mcm/d today due to seasonal field and processing plant maintenance. Flows are expected to fall further in the coming days with large outages including at Troll and Kollsnes from 26 Aug.
  • LNG sendout to Europe was back up to 313mcm/d on 21 Aug after falling as low as about 260mcm/d over the weekend but remains below levels seen this time last year.
  • European gas storage is up to 91.3% full on a 21 Aug according to GIE data compared to the five year average for this time of year of 78.2%.
  • Temperature forecasts in NW and central Europe are expected to gradually cool after the hot weather this week with near of slightly above normal temperatures expected in the last few days of August and into the start of September.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 65.3mcm/d.
Energy BulletsCommodities
Energy BulletsCommodities

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