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TTF Falls Back as Market Assesses LNG Fire Impact

NATURAL GAS

European gas fell back after surging on the back of the US LNG export terminal outage.

  • The LNG terminal outage is expected to last at least 3 weeks resulting in at least 10 to 12 missed cargoes, many of which would likely have been sent to Europe. TTF is trading at 84€/MWh after reaching a peak at 91.55€/MWh but still above levels nearer 78€/MWh seen on Wednesday before the fire.
  • Norwegian supply is recovering after the midweek planned outages although some work continues including at Troll. Nominations are for 277.4mcm/d today.
  • Russian supply remains steady with 41.9mcm/d coming via Ukraine and nominations via Nord Stream relatively unchanged at approximatively 135mcm/d.
  • European storage is up to 50.2% full.
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