TTF Edges Up from Lows with Dip in LNG Sendout and Warm Weather

Front month TTF is edging up from the lows seen on Friday with a small drop in LNG import flows and with warmer than normal weather expected across Europe while Norwegian supplies remain curtailed by maintenance.

• TTF JUL 23 up 2.5% at 24.28€/MWh
• TTF WIN 23 up 0.1% at 40.9€/MWh
• TTF SUM 24 down -0.1% at 41.63€/MWh
• Total European LNG sendout has dipped back below 400mcm/d at the start of June for the first time since early April compared to an average of 443mcm/d during May.
• Temperatures across most of Europe are expected to hold above normal this week with the warm weather in central and NW Europe expected to extend into the second week of the two week outlook. German solar output is expected to dip down slightly from the high levels seen last week while wind output remains low.
• Imports from Norway are still down at 229mcm/d today due to ongoing maintenance at numerous fields and processing plants which is expected to continue into mid June.
• European gas storage is up to 69.72% full on 3 June according to GIE data compared to the five year average of 52.3% with injection rates at about 85% of normal during May.
• Gas transit flows through Ukraine are today at 40.3mcm/d and Algeria gas flow to Italy at Mazara are steady at 66.4mcm/d after the dip lower in the last week of May.