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TTF Drifts Lower With High Storage Set Against Supply Risks

NATURAL GAS

European TTF gas drifts down from a high of 31€/MWh seen yesterday with supply risks from Norway and LNG set against building gas in store and ongoing low industrial demand.

    • TTF SEP 23 down -1.7% at 29.96€/MWh
    • TTF WIN 23 down -0.1% at 45.8€/MWh
    • TTF SUM 24 down -0.2% at 48.4€/MWh
  • Norwegian pipeline supplies to Europe are nominated up at 329.9mcm/d today but still below levels up near 340mcm/d seen at the end of July. More Troll works are however expected starting next week, and another significant period of Norway maintenance is expected from 26 August according to Gassco.
  • Total European gas in store is above the five year range up to 87.39% full on a 6 Aug according to GIE data compared to the five year average for this time of year is 73.0%.
  • LNG sendout to Europe continues to decline to the lowest since 2021 down to 267mcm/d on 6 Aug according to data via Bloomberg. Near term US LNG exports remain more profitable to deliver to Asia than Europe.
  • Temperature forecasts in Europe are similar to yesterday with NW and central Europe and the Nordic region are expected to gradually increase this week back above normal this week as German wind generation drops during the week.
  • Gas transit flows through Ukraine are steady today at 42.4mcm/d and Algeria gas flow to Italy at Mazara are at 66.15mcm/d.
Energy BulletsCommodities
Energy BulletsCommodities

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