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TTF Extends Decline Amid High Gas in Store Levels

NATURAL GAS

TTF continues to pull back from a peak of 34.3€/MWh earlier this week with high storage levels and low industrial demand offsetting supply risks and lower LNG imports this month.

    • TTF AUG 23 down -2.6% at 27.69€/MWh
    • TTF WIN 23 down -1.2% at 47.48€/MWh
    • TTF SUM 24 down -1.1% at 50.25€/MWh
  • Total European gas in store is up at the top of the five year range at 84.49% full on 26 July according to GIE data compared to the five year average of 69.5%.
  • LNG sendout to Europe has averaged 311mcm/d since 22 July and below levels seen this time last year as NW Europe flows have this week fallen to the lowest since Dec 2021 according to Bloomberg data.
  • The latest weather forecast shows temperatures in NW and central holding just below normal throughout the two week period. Hot weather in southern Europe is expected to stay into the start of August but could ease slightly in week two of the outlook.
  • Norwegian pipeline supplies to Europe are nominated to dip slightly today to 335.3mcm/d but remain roughly in line with levels seen this week.
  • Gas transit flows through Ukraine are unchanged today at 42.4mcm/d and Algeria gas flow to Italy at Mazara are at 65.2mcm/d.
Energy BulletsCommodities
Energy BulletsCommodities

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