TTF Eases Lower on End to Australia Strikes and Warm Weather

European TTF gas prices are extending the recent pull back with an end to the planned strike action at LNG facilities in Australia adding to the low early season demand due to mild weather.

• TTF NOV 23 down -2.1% at 47.85€/MWh
• TTF Q1 24 down -1% at 54€/MWh
• TTF SUM 24 down -1.3% at 51.95€/MWh
• The latest weather forecast shows above normal temperatures are expected throughout most of the two week forecast period.
• Norwegian pipeline supplies to Europe are just slightly lower today at 319.3mcm/d with capacity reductions still in place this week at Oseberg, Troll and “process problems” at Aasta Hansteen.
• European natural gas storage edged up again although with a drop in injections from yesterday as gas in store approaches capacity. Stores are at the highest in over ten years at 97.98% full on 16 Oct according to GIE data.
• LNG net import flows rose up to 358mcm/d on 16 Oct according to Bloomberg after seeing levels around 290mcm/d over the previous few days.

• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are today estimated at 75.1mcm/d today.
• ICE TTF daily aggregate traded volumes remain high at 324k contracts yesterday.