TTF Falls Again to Extend Bearish Trend

Front month TTF has opened lower to trade below 24€/MWh and down through the lows from last week weighed down by low demand and steady supplies. Healthy LNG imports continue to replace some of the missing Norwegian supply during the maintenance period.

• TTF JUN 23 down -3.3% at 23.75€/MWh
• European LNG net import flows have averaged about 440mcm/d over the last week to maintain the strong imports this month. Tanker arrivals into NW Europe for the month are not far below the record high seen in April.
• Imports from Norway are limited by field and processing plant maintenance which is ongoing into mid June. Imports are today at 227.0mcm/d with the main field outages at Ormen Lange, Aasta Hansteen and Troll.
• European gas storage is up 68.04% full on 28 May according to GIE data compared to the five year average of 50.0%. Injection rates were just above normal over the weekend but still average below normal this month.
• The latest weather forecast shows temperatures in central and NW Europe are expected to hold at or just above normal into the start of June and throughout the two week outlook.
• Gas transit flows through Ukraine are today at 40.7mcm/d and Algeria gas flow to Italy at Mazara are still down at 30.7mcm/d due to scheduled works.