TTF Extends Decline on High Stores, Low Demand and Norway Returning

TTF front month has opened lower to extend the decline from yesterday to the lowest since 8 June on building storage inventories, low demand and slowly recovering Norwegian supply.

• TTF AUG 23 down -2.4% at 29.51€/MWh
• TTF WIN 23 down -2% at 48.15€/MWh
• TTF SUM 24 down -1.9% at 49.25€/MWh
• The latest weather forecast for NW and central Europe suggests temperatures will hold above normal over the coming week but could dip back towards normal around 19 July.
• LNG sendout to Europe has averaged around 340mcm/d in the week to 9 July to recovery from the drop down to around 300mcm/d at the start of the month but is below levels seen in July.
• Pipeline imports from Norway have recovered to 262.6mcm/d today with several facilities scheduled to end seasonal maintenance this week, including Troll and Nyhamna.
• Gas in store was up to 79.8% full on 9 July according to GIE data compared to the five year average of 64.7% and on track to refill despite below normal injection rates.
• Gas transit flows through Ukraine are today up to 42.4mcm/d and Algeria gas flow to Italy at Mazara are at 62.1mcm/d.