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TTF Falls to Lowest Since March 14 Amid Bearish Fundamentals

NATGAS

TTF front month has fallen to the lowest since March 14 amid bearish fundamentals with mild weather at the start of the injection season and steady import flows. Asian LNG interest is providing limited support although the pace of buying from Japan is slowing after strong interest last month.

    • TTF MAY 24 down 2% at 25.68€/MWh
    • TTF Q3 24 down 1.8% at 26.38€/MWh
    • TTF WIN 24 down 1.1% at 30.63€/MWh
    • TTF SUM 25 down 1% at 29.25€/MWh
  • Above normal temperatures are forecast to persist throughout the coming two week forecast across Europe. Temperatures in NW Europe are however forecast to cool slightly after reaching a high on Apr. 6.
  • Norwegian pipeline supplies to Europe are nominated at 341.8mcm/d today amid a planned outage at Karsto this week.
  • European LNG sendout recovered up to 287mcm/d on Apr. 1 but remains below levels seen last month and around 420mcm/d from this time last year.
  • European gas storage was at 58.71% full on Apr. 1 according to GIE with net injections since March 30. The seasonal five year average is 42.2% full.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are today up to the highest since October at 76.8m/d.
  • ICE TTF daily aggregate traded futures volume was yesterday at 279k.

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