TTF Edges Up as LNG Covers Missing Norway Imports

European gas has edged back up from the lowest since 21 March at 39.5€/MWh yesterday with strong LNG supplies and a mixed weather outlook while Norway supply is limited by outages and storage injections remain below normal.

• TTF MAY 23 up 0.9% at 40.95€/MWh
• TTF WIN 23 up 1.3% at 55.78€/MWh
• TTF SUM 24 up 1.2% at 53.8€/MWh
• Net European LNG import flows have increased this week with the return of French terminals and with increased demand due to the reduction in imports from Norway. Total European sendout was up at 521mcm/d on 19 Apr having only seen higher imports briefly in March and December when flows reach around 530mcm/d.
• Norwegian imports are today nominated at 302mcm/d compared to around 340mcm/d at the start of April due to field and processing plant maintenance which is now expected to restrict gas availability into mid May.
• Temperatures in NW European are forecast to fall below normal next week after holding just above over the coming weekend. Temperatures are then expected to return to near normal towards the end of the month and also result in lower wind generation.
• European gas storage is at 56.81% on 19 Apr according to GIE data with slightly below normal injections so far in April.
• Gas transit flows through Ukraine are today up to 42.6mcm/d and Algeria gas flow to Italy at Mazara are up at 85.7mcm/d.