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TTF Edges Higher Amid Steady Fundamentals

NATGAS

Front month TTF is edging higher but below the high of €35.4/MWh with cool weather in NW Europe this week and steady fundamentals set against import supply risks.

  • Temperatures in NW Europe are forecast slightly below normal in the coming days but expected to rise back above normal into the second week of the outlook.
  • Norwegian pipeline supplies to Europe are nominated at 335.7mcm/d with small outages still at Kasto, Troll and Visund according to Gassco.
  • European LNG sendout was at 247mcm/d on June 29 according to Bloomberg after increasing to the highest since May at 271mcm/d on June 27 but still below levels of around 330mcm/d this time last year.
  • Total European stores are up to 76.91% full on June 29 according to GIE compared to the five year average of 67.1% with net injection rates holding at the low end of the previous five year range.
  • Gas transit flows through Ukraine are at 42.1mcm/d today and Algeria gas flow to Italy at Mazara are at 56.95cm/d.
  • ICE TTF daily aggregate traded futures volume was down at 182k on June 28.
    • TTF AUG 24 up 1.2% at 34.9€/MWh
    • TTF WIN 24 up 1.4% at 39.7€/MWh
    • TTF SUM 25 up 0.9% at 37.28€/MWh
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