TTF Extends Decline as Strong LNG Supplies Cover Norway Outages

Front month TTF is still falling and now down about 12€/MWh from the start of the month. Prices remain weak with low demand in Europe, strong LNG imports and healthy storage while Norwegian field maintenance continues to restrict supplies.

• TTF JUN 23 down -1.3% at 27.43€/MWh
• TTF WIN 23 down -1.1% at 47.76€/MWh
• TTF SUM 24 down -1.6% at 47.85€/MWh
• Imports from Norway are unchanged from yesterday at 223.1mcm/d with field and processing plant maintenance outages including at Ormen Lange, Aasta Hansteen and Troll continuing into mid June.
• Strong European LNG imports are helping to replace the missing Norwegian flows with sendout this week increasing to around 470mcm/d on 23 May.
• European gas storage was up to 66.48% full on 23 May according to GIE data compared to the five year average of 48.1% with injection rates maintaining just below normal.
• Temperatures in central and NW Europe are moving above normal in the coming days although the UK and northern Europe could see a dip lower briefly at the start of next week. The remaining two week forecast period is currently expected to remain warm.
• Gas transit flows through Ukraine are today at 40.3mcm/d and Algeria gas flow to Italy at Mazara are still down at 31.1mcm/d due to scheduled works.