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TTF Edges Higher Amid Strong Cooling Demand

NATGAS

TTF has recovered after falling to a low of €33.64/MWh yesterday with support from hot weather across Europe this week, although stable fundamentals and forecast of a cooler start to July are limiting upside gains.

  • Above normal temperatures are expected across Europe this week to boost cooling demand although temperatures in NW Europe are forecast to drift back to near normal levels into the start of July and throughout the second week of the outlook.
  • Norwegian pipeline supplies to Europe are nominated up to 333.9mcm/d today due to a smaller capacity reduction at Visund, according to Gassco.
  • European LNG sendout dipped slightly on June 23 to 230mcm/d according to Bloomberg compared to an average of 251mcm/d over the previous week.
  • Total European stores are up to 75.35% full on June 23 according to GIE compared to the five year seasonal average of 65.2% with injections rates back near to normal.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 59.4cm/d.
  • ICE TTF daily aggregate traded futures volume was 206k on June 24.
    • TTF JUL 24 up 1.7% at 34.65€/MWh
    • TTF Q3 24 up 1.6% at 35.15€/MWh
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