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NATGAS: TTF Extends Decline on Prospect of Ukraine Talks

NATGAS
Energy BulletsBulletPower BulletsCommodities

TTF front month is extending the decline this week under pressure by the prospect of peace talks over the Ukraine war and as countries push for the EU to relax gas storage targets.

  • President Trump is likely to meet Russian President Putin in person in Saudi Arabia some time. Trump has said negotiations will begin imminently but there is a long way to go before there is a truce.
  • At the meeting of the Gas Coordination Group in Brussels on Thursday, a number of countries will push for an easing of targets designed to ensure inventories are 90% full by Nov. 1, according to Bloomberg.
  • Cold temperatures are forecast for NW and central Europe until mid next week before turning milder.
  • Norwegian pipeline supplies to Europe are back down at 318.6mcm/d today due to unplanned “process problems” reducing capacity at Troll and Kristin, Gassco shows.
  • European gas storage withdrawals are above normal again as stores fall to 47.24% full on Feb. 11, according to GIE, compared to the previous five year average of 55.7%.
  • European LNG sendout remains relatively unchanged at 459mcm/d on Feb. 11 compared to an average of 440mcm/d over the previous week.
  • Algeria gas flows to Italy at Mazara are today at 62.9mcm/d, according to Bloomberg.
  • ICE TTF daily aggregate traded futures volume was up at the highest since September at 580k on Feb. 12.
    • TTF MAR 25 down 5.2% at 52.76€/MWh
    • TTF SUM 25 down 5.6% at 52.35€/MWh
    • TTF WIN 25 down 4.9% at 49.75€/MWh
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TTF front month is extending the decline this week under pressure by the prospect of peace talks over the Ukraine war and as countries push for the EU to relax gas storage targets.

  • President Trump is likely to meet Russian President Putin in person in Saudi Arabia some time. Trump has said negotiations will begin imminently but there is a long way to go before there is a truce.
  • At the meeting of the Gas Coordination Group in Brussels on Thursday, a number of countries will push for an easing of targets designed to ensure inventories are 90% full by Nov. 1, according to Bloomberg.
  • Cold temperatures are forecast for NW and central Europe until mid next week before turning milder.
  • Norwegian pipeline supplies to Europe are back down at 318.6mcm/d today due to unplanned “process problems” reducing capacity at Troll and Kristin, Gassco shows.
  • European gas storage withdrawals are above normal again as stores fall to 47.24% full on Feb. 11, according to GIE, compared to the previous five year average of 55.7%.
  • European LNG sendout remains relatively unchanged at 459mcm/d on Feb. 11 compared to an average of 440mcm/d over the previous week.
  • Algeria gas flows to Italy at Mazara are today at 62.9mcm/d, according to Bloomberg.
  • ICE TTF daily aggregate traded futures volume was up at the highest since September at 580k on Feb. 12.
    • TTF MAR 25 down 5.2% at 52.76€/MWh
    • TTF SUM 25 down 5.6% at 52.35€/MWh
    • TTF WIN 25 down 4.9% at 49.75€/MWh