TTF Falls Further on Easing Norwegian Supply Concern

TTF front month is easing back further from the surge earlier this week amid easing concerns over a Norwegian supply, robust EU gas storage levels, and tepid regional demand.

• Norwegian pipeline supplies to Europe are today nominated at 273.4mcm/d but is expected to increase from tomorrow with the expected return of Nyhamna from unplanned outage. The Nyhamna capacity reduction will reduce from 79.8mcm/d to 44.8mcm/d tomorrow, according to Gassco.
• European LNG sendout has edged up from 218mcm/d on June 1 to 258mcm/d on June 4 but remains low compared to last month and this time last year.
• Temperatures in NW Europe are expected to remain cool and fall below normal into next week before seeing a potential recovery back to normal in mid June.
• Total European gas storage was up to 70.73% full on June 4 according to GIE compared to the five year seasonal average of 59.0% amid below normal net injection rates.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 58.6mcm/d.
• ICE TTF daily aggregate traded futures volume was at 300k on June 5.
  • TTF JUL 24 down 1.1% at 33€/MWh
  • TTF Q3 24 down 1.2% at 33.34€/MWh
  • TTF WIN 24 down 0.3% at 37.53€/MWh
  • TTF SUM 25 down 0.7% at 34.57€/MWh