TTF Holding Near Lows as Strong LNG Imports Offset Norway Works

Front month TTF is holding just above the lows of around 37.9€/MWh seen last week with mixed weather and strong LNG imports amid ongoing Norwegian maintenance.

• TTF JUN 23 up 0.1% at 38.58€/MWh
• Norwegian imports are today at 296.5mcm/d with outages scheduled into the middle of May. Current outages are impacting output from Troll, Gullfaks, Karsto and Kollsnes.
• Net European LNG import flows averaged about 468mcm/d in April up from 416mcm/d in March with strong imports supported by muted LNG competition from Asia.
• Temperatures in northwest Europe are expected to recover from below normal this week to above normal over the coming weekend while central Europe will remain near normal and the warm Mediterranean will continue.
• European gas storage is healthy at 59.31% on 29 Apr according to GIE data compared to the five year average of 39.8% at this time of year. Net injection rates were back up near normal levels late last week after seeing below normal refills at the start of the injection season.
• Gas transit flows through Ukraine are today slightly lower at 37mcm/d and Algeria gas flow to Italy at Mazara are up at 83.0mcm/d.