TTF Edges Down but Holding Just Above Recent Lows

European gas markets are edging lower today after a slight recovery in recent days due to falling temperatures in NW Europe late next week. Current above normal temperatures are forecast to give way to just below normal from around 23 Feb.

• TTF MAR 23 down -1.1% at 54.1€/MWh
• TTF SUM 23 down -0.9% at 54.78€/MWh
• TTF WIN 23 down -0.9% at 61.7€/MWh
• TTF is also supported with LNG supply risks with competition for global LNG exports from increased Asian interest at the current lower market prices.
• The return of the US Freeport LNG export terminal would help with global supplies but a date has not yet been set for the resumption of operations. The facility is slowly progressing towards a restart with an application to the regular to restart gas-liquefaction modules and with increasing pipeline feedstock deliveries.
• Net LNG import flows into Europe were slightly higher than the weekend at 442mcm/d on 13 Feb. Gas supply via Ukraine is steady at 35.8mcm/d.
• Norwegian imports have dipped very slightly to 327.4mcm/d due to corrective maintenance at the Aasta Hansteen field, the duration of which is uncertain. Upcoming supply will be reduced by maintenance at Oseberg next week and Gullfaks is early March.
• European gas storage levels are down to 65.22% full with near normal withdrawals keeping stocks well above the five year average of 45.08%.