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TTF Extends Bearish Trend on Weak Summer Outlook

NATURAL GAS

European gas markets are holding the bearish trend and again setting new lows. Near term European summer natural gas still looks weak with high storage levels, LNG looking for a home due to subdued demand in Asia and with increasing alternative power generation. LNG floating at sea has risen sharply in recent days.

    • TTF JUN 23 down -1.4% at 34.5€/MWh
    • TTF WIN 23 down -0.9% at 54.58€/MWh
  • Cold weather, low prices boosting industrial demand and an Asia demand recovery are the main upside risks and providing support to winter prices. Lower spot Asian LNG prices are boosting interest from price sensitive spot buyers in South & SE Asia and Chinese buyers are taking more of their contracted cargos.
  • Price spreads still favour US supplies to Europe over Asia as LNG net import flows to Europe dip slightly but remains strong at 408mcm/d on 10 May.
  • Norwegian imports are today unchanged at 294.9mcm/d as seasonal maintenance works continue at several fields and processing plants.
  • Steady injections into European gas storage have built stocks up to 62.48% full on 10 May according to GIE data.
  • The latest weather forecast shows below normal temperatures in western and southern Europe next week before recovering back to normal towards the end of the two week outlook.
  • Gas transit flows through Ukraine are today at 40.7mcm/d and Algeria gas flow to Italy at Mazara are up to 84.0mcm/d.
Energy BulletsCommodities
Energy BulletsCommodities

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