TTF gas falls to the lowest since Feb

European TTF gas falls to the lowest since Feb after EU said companies can pay for Russian gas without breaching sanctions. Companies have been told to make a clear statement that they consider obligations fulfilled once they have completed payment in euros or dollars. The next payments are expected to take place very soon with standard OTC contracts normally settling on 20^th of a month. TTF down 4.15% to 89€/MWH, NBP down 2.5% to 168p/th

• Today Russian flows are just slightly lower than yesterday with transit via Ukraine at 49.3mcm/d versus 57.6mcm/d and Nord Stream nominated at 73.4GWh/h.
• Record amounts of LNG imports are arriving into Europe with Milford Haven even withholding some capacity at auction over the summer to avoid over stretching the UK infrastructure.
• Norwegian flows are higher at 323.6mcm/d up above 10mcm from the last week as supply has returned from maintenance/outages.
• Despite dropping slightly at the weekend, warm temperatures are expected to continue for NW Europe into next week and European gas storage is now up to 40% full.