TTF Extends Decline as Import Supplies Recover

TTF front month extends the decline from highs earlier this week as Norwegian pipeline supply and LNG sendout both recover and with European temperatures holding at or above normal.

• TTF APR 24 down 2.5% at 27.05€/MWh
• TTF SUM 24 down 2.5% at 27.14€/MWh
• TTF WIN 24 down 2.1% at 30.85€/MWh
• TTF SUM 25 down 2% at 29.2€/MWh
• The Europe weather forecast remains relatively unchanged with temperatures expected to fall briefly to near normal for a few days from this weekend before warm weather returns at the end of March and into April.
• Norwegian pipeline supplies to Europe continue to recover up to 337.0mcm/d today from a low of 313mcm/d on Mar. 17 amid field outages.
• European LNG sendout increased to 332mcm/d on Mar. 19 from a low of 304mcm/d over last weekend but still below the average of 343mcm/d so far in March.
• European gas storage was at 59.39% full on Mar. 19 according to GIE after near normal net withdrawal rates in the previous couple of days. The seasonal five year average is 41.9%.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are today at the highest since October at 67.9m/d.
• ICE TTF daily aggregate traded futures volume was yesterday at 356k.