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TTF Falls Amid Steady Supplies and Warmer Weather

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Energy BulletsCommodities

TTF edges lower as European gas fundamentals remain unchanged with steady supply and tepid demand and despite further attacks on Ukrainian gas infrastructure.

    • TTF MAY 24 down 2.3% at 28.22€/MWh
    • TTF Q3 24 down 2% at 28.9€/MWh
    • TTF WIN 24 down 1.6% at 33.7€/MWh
    • TTF SUM 25 down 1.2% at 32.11€/MWh
  • Russia missile attacks on natural gas infrastructure in Ukraine over the weekend had targeted gas facilities important for supply to the EU according to Ukrainian President Volodymyr Zelenskiy.
  • Freeport LNG restarted one liquefaction train over the weekend according to Bloomberg sources as feedgas to the facility rose to the highest since April 9. European LNG sendout was at 333mcm/d on April 27 compared to an average of 337mcm/d so far in April.
  • Norwegian pipeline supplies to Europe are today nominated at 268.5mcm/d with capacity outages totalling 101.7mcm/d today according to Gassco. Outages due to planned maintenance are expected to ease slightly in the coming days.
  • Temperatures in NW and central Europe are forecast above normal throughout the coming two weeks although could dip slightly from the highs expected early this week.
  • European gas storage is down to near the top of the previous five year range after net withdrawals last week although a return of net injections was seen on April 27. GIE data shows total stores are now 61.61% full compared to the five year average of 46.2%.
  • Gas transit flows through Ukraine are at 41.9mcm/d today and Algeria gas flow to Italy at Mazara are at 68.9mcm/d.
  • ICE TTF daily aggregate traded futures volume was down at 307k on Apr. 26.
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TTF edges lower as European gas fundamentals remain unchanged with steady supply and tepid demand and despite further attacks on Ukrainian gas infrastructure.

    • TTF MAY 24 down 2.3% at 28.22€/MWh
    • TTF Q3 24 down 2% at 28.9€/MWh
    • TTF WIN 24 down 1.6% at 33.7€/MWh
    • TTF SUM 25 down 1.2% at 32.11€/MWh
  • Russia missile attacks on natural gas infrastructure in Ukraine over the weekend had targeted gas facilities important for supply to the EU according to Ukrainian President Volodymyr Zelenskiy.
  • Freeport LNG restarted one liquefaction train over the weekend according to Bloomberg sources as feedgas to the facility rose to the highest since April 9. European LNG sendout was at 333mcm/d on April 27 compared to an average of 337mcm/d so far in April.
  • Norwegian pipeline supplies to Europe are today nominated at 268.5mcm/d with capacity outages totalling 101.7mcm/d today according to Gassco. Outages due to planned maintenance are expected to ease slightly in the coming days.
  • Temperatures in NW and central Europe are forecast above normal throughout the coming two weeks although could dip slightly from the highs expected early this week.
  • European gas storage is down to near the top of the previous five year range after net withdrawals last week although a return of net injections was seen on April 27. GIE data shows total stores are now 61.61% full compared to the five year average of 46.2%.
  • Gas transit flows through Ukraine are at 41.9mcm/d today and Algeria gas flow to Italy at Mazara are at 68.9mcm/d.
  • ICE TTF daily aggregate traded futures volume was down at 307k on Apr. 26.