TTF Eases Lower With Near Normal Temperatures in Coming Days

European TTF front month gas is drifting off from a high of 35.25€/MWh yesterday with cooler weather this week easing pressure on prices despite ongoing supply concern amid Norway maintenance.

• TTF JUL 23 down -4% at 32.78€/MWh
• TTF WIN 23 down -2.5% at 48.28€/MWh
• Temperatures in NW and central Europe are forecast to hold near normal in the next few days before increasing back above normal for the second week of July.
• Pipeline imports from Norway are today at 229.3mcm/d amid ongoing field and processing plants outages continuing into July.
• European LNG sendout is holding around 360mcm/d with imports to NW Europe just above the flows seen this time last year. Maintenance works are reducing sendout from Montoir LNG and Fos Tonkin LNG until 2 July and with a reduced service at Dunkerque LNG today.
• Total European storage remains on track to refill to the EU target level well before the end of the summer despite below normal injection rates. Gas in store was up to 76.66% full on 27 June according to GIE data compared to the five year average of 60.6%.
• Gas transit flows through Ukraine are today at 41.7mcm/d and Algeria gas flow to Italy at Mazara are at 65.7mcm/d.