TTF Extends Decline on Returning Norway Supply

TTF front month has fallen to the lowest since early June and down over 22% this week with the decline yesterday triggered by the confirmed restart of the Nyhamna plant this week as Norwegian maintenance comes to an end.

• TTF AUG 23 down -2.6% at 25.94€/MWh
• TTF WIN 23 down -1.7% at 44.13€/MWh
• TTF SUM 24 down -2.3% at 45.45€/MWh
• Shell confirmed the restart for the Nyhamna processing plant on 15 July after earlier uncertainty following a previous outage extension. The current Troll outage was however extended by one day until 14 July. Pipeline imports from Norway have recovered to 266.8mcm/d today from a low of around 220mcm/d at times in June.
• LNG sendout to Europe is still lower than last month despite a recovery this week up to 358mcm/d on 11 July.
• The latest weather forecast for NW and central Europe suggests temperatures will hold above normal over the coming week but will fall back towards normal in the second week of the outlook.
• European storage injections continue at below normal rates with total gas in store up to 80.15% full on 11 July according to GIE data compared to the five year average of 65.3%.
• Gas transit flows through Ukraine are today up to 42.4mcm/d and Algeria gas flow to Italy at Mazara are at 63.7mcm/d.