TTF Edges Down

TTF edges down slightly this morning but remained above levels from late last week amid lower Norwegian gas flows to Europe and as markets await whether workers at Chevron’s LNG facilities will start industrial action.

• TTF SEP 23 down -1.9% at 37.7€/MWh
• TTF WIN 23 down -1.3% at 51.55€/MWh
• Australian Strikes: Chevron's two LNG production facilities in Australia - Gorgon and Wheatstone – that account for more than 5% of global LNG capacity, could face daily work stoppages of up to 10 hours next week after unions on Tuesday threatened labour action if wages and conditions are not met. Workers at the two facilities plan to stop work for seven hours in two blocks on September 7, escalating to 10 hours on September 8 and 11 hours on September 9 according to Reuters reports. A smaller stoppage of three hours is planned at the Wheatstone production platform from September 7, it reported with planned action out till the 14th of September.
• Norwegian nominated flows to the UK and Northwest Europe terminals at 181.20 mcm/d vs the 5-day moving avg 203.90 mcm/d, Gassco remit data showed. Supply disruptions from Norway will further increase in the coming week and reach up to 176mcm/d on 6 September of unavailable capacity.
• LNG flows to North West Europe on Aug. 26 were 175.66 mcm/d, 17% higher than the 30 day average.
• European gas storage was 93% full on Aug. 27 vs the 5-yr seasonal norm of 80% for this time of year, GIE data showed.
• Temperatures in NW and central Europe are expected to fall below normal until later this week before moving back above the average from this weekend.