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TTF Edges Lower After Russia Uncertainty Fears Ease

NATURAL GAS

European gas markets sparked higher yesterday on concerns about political instability in Russia and the potential impact to some future supplies but sold off and are back down towards the lows for the week. A drop in LNG imports, ongoing restricted pipeline supplies from Norway and warm weather across Europe are adding to upside price risks.

  • TTF JUL 23 up 0.5% at 32.15€/MWh
  • TTF WIN 23 down -0.6% at 49€/MWh
  • LNG flows to Northwest Europe on June 24 were 180.10 mcm/d, 18% lower than the 30 day average.
  • European gas storage was 76% full on June 25 vs the 5-yr seasonal norm of 60% for this time of year according to GIE figures.
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 233.40 mcm/d vs 5-day moving avg 230.22 mcm/d according to Gassco figures.
  • In Norway, the Karsto gas-processing plant will have a marginal capacity cut on Wednesday-Thursday due to works, according to network operator Gassco AS. Oseberg and Kollsnes also have seasonal maintenance scheduled for this week.

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