TTF Eases Back After Surge Amid Global LNG Supply Risk

European TTF gas is easing back after a surged to the highest since 15 June to an intra-day high yesterday of €43.545/MWh with possible disruptions to global LNG supplies amid planned strike action in Australia. The risk adds to ongoing supply concerns from upcoming Norway maintenance and rising Russia tensions.

• TTF SEP 23 down -4.1% at 38.19€/MWh
• TTF WIN 23 down -0.5% at 50.63€/MWh
• TTF SUM 24 down -1.5% at 50.9€/MWh
• In Australia, workers at Woodside and Chevron LNG platforms and facilities in Australia have voted to strike, threatening to disrupt LNG supply, meaning the workforce can cease operations with seven days’ notice. Australian Workers Union will take a decision based on two meetings set for Thursday and Tuesday.
• Norwegian pipeline supplies to Europe are nominated today at 330.1mcm/d ahead of an expected drop next week amid further maintenance works.
• Total European gas in store is above the five year range up to 88.02% full on a 8 Aug according to GIE data compared to the five year average for this time of year of 73.8%.
• LNG sendout to Europe is back up to 319mcm/d on 8 August after falling to a low of 267mcm/d at the weekend.
• Temperature forecasts in Europe have again cooled slightly but are still expected to hold above normal across Europe next week after the below normal seen in NW and Central Europe this week.
• Gas transit flows through Ukraine are steady today at 42.4mcm/d and Algeria gas flow to Italy at Mazara are at 65.6mcm/d.