MNI China Daily Summary: Wednesday, July 31

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TTF Edges Higher on Norway Outage

NATURAL GAS

TTF front month is edging higher today amid a reduction in Norwegian gas pipeline flows and weather forecasts pointing to weather just below the seasonal norm during the last week of February. The front month is on track for a sharp week on week net decline.

    • TTF MAR 24 down -1.5% at 25.06€/MWh
    • TTF SUM 24 down -1.5% at 25.75€/MWh
  • The latest weather forecast still shows warm temperatures this week but NW and central Europe are seeing a slight cooling trend into next week back towards below normal in the last week of the month.
  • European natural gas inventories stood at 65.94% on 13 February, well above the five-year average of 50.756%, GIE data showed. Net withdrawals are below the seasonal norm since 20 January
  • Norwegian pipeline supplies to Europe are down on the day at 315mcm/d today amid the unplanned outage at the Kollsnes facility limiting supplies by 23mcm/d until 17 Feb.
  • European LNG sendout so far this month averaged 337mcm/d as of 14 February, below an average of 386mcm/d seen in Jan.
  • Gas transit flows through Ukraine are at 42.4mcm/d today.
  • ICE TTF daily aggregate traded futures volume was at 335k yesterday.
Energy BulletsCommodities
Energy BulletsCommodities

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