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TTF Extends Recovery Amid Lower Norway and LNG Supply

NATURAL GAS

TTF extends gains seen yesterday amid a drop in Norwegian and LNG supply to offset high storage levels and low industrial demand. Front month yesterday regained losses seen late last week and up from a low of 25.4€/MWh.

    • TTF SEP 23 up 6.1% at 30.11€/MWh
  • Norwegian pipeline supplies to Europe are lower today at 316.8mcm/d with additional capacity reductions at Troll on top of an initial maintenance plan with works also at Kollsnes and several UK gas facilities.
  • Total European gas in store is up above the five year range at 85.79% full on 30 July according to GIE data compared to the five year average of 70.7%.
  • LNG sendout to Europe fell just below 300mcm/d at the end of July compared to an average of around 334mcm/d throughout the whole month.
  • Hot weather in southern Europe is expected to stay throughout the first half of August while the latest weather forecast shows temperatures in NW and central falling further below normal over the coming week.
  • Gas transit flows through Ukraine are unchanged today at 42.4mcm/d and Algeria gas flow to Italy at Mazara are at 62.3mcm/d.

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