TTF Extends Recovery on Qatar LNG Cargo Delays

TTF is edging higher after gains yesterday driven by reports that some LNG arrivals from Qatar to Europe are delayed due to Red Sea diversions. Front month has found support after falling to the lowest since early August of 26.6€/MWh on Jan 22 amid warm weather and healthy storage levels.

• TTF FEB 24 up 0.8% at 29.17€/MWh
• TTF SUM 24 up 0.5% at 29.99€/MWh
• TTF WIN 24 up 0.7% at 35.05€/MWh
• TTF SUM 25 up 0.7% at 32€/MWh
• Temperatures in NW and central Europe are forecast to hold above normal throughout the two week forecast period although could trend back towards normal after the first few days of February.
• Norwegian pipeline supplies to Europe are today nominated at 348.2mcm/d amid a planned outage at Karsto until Jan 26.
• European natural gas storage is down to 73.46% full on Jan 23 according to GIE data compared to the seasonal five year average of 61.9% with net withdrawals below normal this week.
• European LNG sendout increased slightly up to 375mcm/d on Jan 23 but remains below levels seen in the previous couple of years at this time of year.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are today at 38.5mcm/d.
• ICE TTF daily aggregate traded futures volume was yesterday at 307k.