TTF Edges Higher Amid Norway Outages but Cooler Weather

European TTF gas is edging higher again after easing back from the highs around 40€/MWh seen in the last couple of days. Supply concerns from Norwegian outages remains supportive but the forecast of slightly cooler weather next week should ease cooling demand.

• TTF JUL 23 up 1.9% at 37.44€/MWh
• TTF WIN 23 up 0.5% at 52.73€/MWh
• TTF SUM 24 down -0.2% at 51.2€/MWh
• Pipeline imports from Norway are down at 221.2mcm/d today amid ongoing field and processing plants outages. The annual maintenance at Oseberg impacting flows of 22.5mcm/d were yesterday extended from 27 June until 1 July.
• Warm weather is expected to continue across northwest Europe in the coming days before turning cooler back to near normal during next week while above normal temperatures are also expected in southern Europe.
• Total European LNG import flows remain above the five year average despite a drop from last month. Sendout has averaged around 410mcm/d in the last week while maintenance works disrupt operations at some French LNG terminals.
• Total European storage levels were up to 74.94% full on 20 June according to GIE data compared to the five year average of 58.3% as injection rates continue just below normal.
• Gas transit flows through Ukraine are today at 41.7mcm/d and Algeria gas flow to Italy at Mazara are at 63.2mcm/d.