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TTF Eases Back on Cooler Weather Next Week

NATURAL GAS

European TTF gas opens lower today on the forecast of cooler weather next week after a fresh surge up to over 40€/MWh yesterday as the market remains sensitive to supply risks. High natural gas storage levels and LNG sendout holding above normal are helping to limit upside moves.

    • TTF JUL 23 down -4.7% at 36.89€/MWh
    • TTF WIN 23 down -3% at 52.1€/MWh
    • TTF SUM 24 down -2.5% at 50.8€/MWh
  • Norway field and processing plants including Troll, Aasta Hansteen and Ormen Lange are all currently undergoing maintenance. Pipeline imports from Norway are down at 227mcm/d today with added unplanned outages at Skarv and Asgard today.
  • Warm weather is expected to continue across northwest Europe this week before turning cooler back to near normal next week.
  • Total European LNG import flows remain strong and up over 425mcm/d on 19 June despite the maintenance at Sabine Pass LNG limiting US exports and works at the Montoir and Fos Tonkin import terminals.
  • Total European storage levels were up to 74.67% full on 19 June according to GIE data compared to the five year average of 58.0% as injections continue just below normal rates.
  • Gas transit flows through Ukraine are today at 41.8mcm/d and Algeria gas flow to Italy at Mazara are at 62.8mcm/d.
  • Q1 2024 is maintaining a premium over Q3 2023 with winter risks from cold weather, Asian LNG competition and increased industrial demand.
Energy BulletsCommodities
Energy BulletsCommodities

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