TTF Holding Near Lows as LNG Supply Offsets Norway Reduction

European gas is trading just above the recent lows of 39.14€/MWh from yesterday with reduced output from Norway and lower wind generation in the coming days offset by strong LNG supplies and below normal demand.

• TTF MAY 23 down -0.2% at 39.85€/MWh
• TTF WIN 23 up 0.2% at 54.5€/MWh
• Temperatures in NW European are expected to recover just above normal later this week before drifting lower again into the first week of May while the Iberian Peninsula is expecting strongly above normal temperatures.
• Norwegian imports are today nominated at 291.2mcm/d due to ongoing field and processing plant maintenance works. Ormen Lange works will end a day earlier than planned on 26 Apr while Troll will continue until 4 May and Kollsnes until 17 May.
• Net European LNG import flows have dipped slightly but remain strong at 476mcm/d on 23 April but down from 534mcm/d seen on 20 April.
• European gas storage is healthy at 57.94% on 23 Apr according to GIE data although below normal net injection rates have been seen so far in April.
• Gas transit flows through Ukraine are today up to 40.1mcm/d and Algeria gas flow to Italy at Mazara are up at 82.6mcm/d.