TTF Drifts Lower on Cooler Forecast and Wheatstone Restart

TTF is edging lower with supply concerns eased slightly with the restart of Australia’s Wheatstone LNG and with a cooler weather forecast into July.

• Chevron has restarted full LNG production and domestic gas supplies at the Wheatstone gas facility, according to a statement on Jun 23. Hammerfest LNG however halted after an unexpected outage due to a sudden loss of power and is expected offline until 21:00CET.
• Above normal temperatures in NW and central Europe in the coming week are forecast to drift back to near normal levels into the start of July and throughout the second week of the outlook.
• Norwegian pipeline supplies to Europe are today nominated at 322.9mcm/d amid outages at Visund, Karsto, Troll and Dvalin, according to Gassco.
• European LNG sendout was in line with the average so far in June at 243mcm/d on June 22 according to Bloomberg but below levels seen last month and last year.
• Total European stores are up to 75.05% full on June 22 according to GIE compared to the five year seasonal average of 64.9%.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 57.9cm/d.
• ICE TTF daily aggregate traded futures volume was 198k on June 21.
  • TTF JUL 24 down 0.8% at 33.67€/MWh
  • TTF Q3 24 down 0.8% at 34.22€/MWh
  • TTF WIN 24 down 0.8% at 38.45€/MWh
  • TTF SUM 25 down 0.6% at 36.1€/MWh