TTF Falls to Lowest since Jul 2021

Front month TTF has fallen to the lowest since July 2021 with ample supplies from strong LNG imports covering for the reduction in imports from Norway while demand remains below normal.

• TTF MAY 23 down -1.4% at 39.26€/MWh
• TTF WIN 23 down -1% at 54.4€/MWh
• Cold temperatures in NW European this week are expected to rise above normal over the weekend before hovering either side of normal in the first week of May. The Iberian Peninsula is expecting strongly above normal temperatures. Low wind generation is expected throughout the coming week.
• Norwegian imports are today back up to 305.3mcm/d with the return of Ormen Lange but output is still limited by the ongoing field and processing plant maintenance including outages at Troll and Kollsnes. Seasonal maintenance is expected to restrict gas availability into mid May.
• Net European LNG import flows have been strong throughout April averaging 455mcm/d so far and were up at 533mcm/d on 24 April.
• European gas storage is healthy at 58.14% on 24 Apr according to GIE data with net injection rates still holding slightly below normal at the start of the injection season.
• Gas transit flows through Ukraine are today at 39.7mcm/d and Algeria gas flow to Italy at Mazara are up at 80.2mcm/d.