TTF Drifts Towards Weekly Low with Stable Supplies

TTF is drifting down towards the lows of the week of 40.75€/MWh with healthy supplies, high storage and demand expected to be limited with warmer weather and stronger wind generation forecast for next week. The upside risk of future competition from Asia for LNG supplies remains muted with high storage keeping demand low in Japan and South Korea.

• TTF MAY 23 down -0.6% at 41.85€/MWh
• TTF WIN 23 down -0.3% at 56.4€/MWh
• The latest weather forecast for NW Europe has cooled slightly for this weekend and into early next week but mild weather is still expected to return mid next week. The forecast suggests stronger wind generation into next week before a drop lower by the end of the week.
• European LNG net import flows were back up to 459mcm/d on 12 Apr after dipping down to around 400mcm/d earlier in the week.
• European gas in storage is building slowly with small daily injections and up to 56.06% according to GIE data from 12 Apr compared to the five year average of 35.2%.
• Norwegian imports are nominated down at 324.3mcm/d today with field planned maintenance outages limiting output this week.
• Gas transit flows through Ukraine are unchanged at 41.7mcm/d and Algeria gas flow to Italy at Mazara are at 81.3mcm/d.