TTF Extends Decline as  Bearish Trend Continues

TTF is extending the bearish trend with comfortable supplies and low demand. Short term European supplies have been impacted by the ongoing maintenance in Norway although strong LNG import flows have covered for the missing gas.

• TTF JUN 23 down -1.1% at 35.26€/MWh
• TTF WIN 23 down -1.1% at 53.68€/MWh
• Rising demand for natural gas in Asia and the Middle East is set to offset a decline in other regions this year, helping to keep the global market tight according to the IEA.
• Overall natural gas consumption in Germany was just 5.9% below the average in April, compared with 17.7% a month earlier according to Bnetza data due to higher households and businesses consumption.
• European gas storage injections have increased back to near normal levels since 28 April after lagging below normal levels for much of April. European gas storage is still healthy at 60.53% on 3 May according to GIE data compared to the five year average for this time of year is 41.1% full.
• LNG net imports flows to Europe remain strong but have dipped slightly down to 452mcm/d on 3 May with lower sendout to NW Europe and Italy.
• Norwegian imports are today down at 245.7mcm/d with reductions at Troll expected to continue until 8 May. Seasonal maintenance at fields and processing plant will continue into mid May.
• Temperatures in northwest Europe will be above normal over the coming week before falling back to near normal in week two of the forecast.
• Gas transit flows through Ukraine are today at 40.8mcm/d and Algeria gas flow to Italy at Mazara are steady at 64.3mcm/d.