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TTF Falls to June Low Amid Stable Supplies

NATGAS

TTF front month falls down to the low of €32.3/MWh from June 10 with stable supplies and temperatures in NW Europe holding near to normal.

  • Temperatures in NW Europe are set to hold slightly below normal into this weekend before edging back above normal next week and through the middle of the month.
  • Norwegian pipeline supplies to Europe are nominated down slightly to 330.6mcm/d. Gassco is showing capacity reductions of 26mcm/d this week falling to 16mcm/d next week.
  • European LNG sendout was at 262mcm/d on July 2 according to Bloomberg compared to an average of 325mcm/d in the first week of July 2023.
  • Total European stores are up to 77.87% full on July 2 according to GIE compared to the five year average of 67.9% with net injection rates holding just below normal.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are still low at 44.1cm/d.
  • ICE TTF daily aggregate traded futures volume was at 298k on July 3.
    • TTF AUG 24 down 1.2% at 32.3€/MWh
    • TTF WIN 24 down 1% at 37.99€/MWh
    • TTF SUM 25 down 0.8% at 36.47€/MWh

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