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TTF Extends Pull Back on Troll Restart

NATURAL GAS

TTF front month is pulling back from a high of 39.4€/MWh yesterday after the restart of the Troll gas field in Norway. Low demand and healthy storage levels are helping limited upside moves although LNG supply risks remain from ongoing strike action in Australia ahead of the upcoming winter heating season.

    • TTF OCT 23 down -3.5% at 36€/MWh
    • TTF WIN 23 down -3.1% at 45.1€/MWh
    • TTF SUM 24 down -2.5% at 47.61€/MWh
  • Norwegian pipeline supplies to Europe are today nominated up to 202mcm/d with the restart of the Troll field after maintenance. Capacity is expected to gradually ramp up over the coming few days. Gassco shows overall Norwegian capacity reductions falling to 41mcm/d by 29 Sep.
  • LNG sendout to Europe continues to recover this week to 282mcm/d on 19 Sep after falling over last weekend. Sendout has averaged around 299mcm/d so far in Sep compared to an average of 365mcm/d in Sep 2022.
  • Slow European natural gas storage injections continue with total storage up to 94.34% full on 19 Sep according to GIE data compared to the five year average of 85.3%.
  • Temperatures across Europe are expected to remain above normal throughout most of the two week forecast although NW could dip back near to normal briefly into this coming weeeknd.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 75.4mcm/d today.
Energy BulletsCommodities
Energy BulletsCommodities

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