TTF Edges Higher After Drop Yesterday on Australia Strike Delay

TTF front month is edging higher after falling yesterday on optimism that LNG strikes in Australia can be avoided after news that workers at Chevron’s LNG facilities will delay industrial action until Friday morning from Thursday originally scheduled.

• TTF OCT 23 up 1.1% at 31.43€/MWh
• Gorgon and Wheatstone LNG facility stoppages of up to 11 hours per day were due to start on 7 Sep until 13 Sep before increasing to 24-hour stoppages from 14 Sep.
• Norwegian pipeline supplies to Europe are back down to 126.4mcm/d today after extensions to key capacity reductions at Troll and Kollsnes this week. Unplanned corrective maintenance at Aasta Hansteen was also extended until 9 Sep.
• LNG sendout to Europe is edging higher this week up to 355mcm/d on 5 Sep but flows into NW Europe are still just below levels from last year.
• European natural gas storage was at 93.34% full on a 4 Sep according to GIE data compared to the five year average for this time of year of 81.9%.
• Temperatures across Europe are expected to remain above normal for the coming week before drifting slightly cooler in the second week of the outlook.
• Gas transit flows through Ukraine are at 42.3mcm/d today and Algeria gas flow to Italy at Mazara remain high at 67.9mcm/d today.