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TTF Eases Off High But Set for Net Weekly Gain on Supply Risks

NATGAS

TTF has eased back from the highest since June 3 at nearly €36.9 yesterday but still set for a net gain on the week amid the risk of LNG competition from Asia and the outage at Wheatstone LNG plant in Australia.

  • After near normal weather this weekend, temperatures across Europe are forecast warmer than normal in the coming two weeks, especially in southeastern regions.
  • Norwegian pipeline supplies to Europe are today almost unchanged at 330.2mcm/d with ongoing outages at Visund and Karsto into next week.
  • European LNG sendout was back up to 242mcm/d on June 12 according to Bloomberg and back in line with the average so far in June but still below an average of 276mcm/d in May.
  • European gas storage injections remain well below normal this week, but stores have slowly risen to 72.50% full on June 12 according to GIE compared to the five year seasonal average of 61.65%.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 58.7mcm/d.
  • ICE TTF daily aggregate traded futures volume was at 303k on June 13.
    • TTF JUL 24 down 1.4% at 35.23€/MWh
    • TTF Q3 24 down 0.8% at 35.87€/MWh
    • TTF WIN 24 down 1% at 39.22€/MWh
    • TTF SUM 25 down 0.9% at 35.95€/MWh
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