TTF Holding Steady Just Above Lows from Last Week

TTF is holding steady so far today but near term European gas markets remain weak with low demand and limited competition for LNG supplies from Asia enabling the steady restocking of gas storage in Europe despite the ongoing Norway field maintenance.

• TTF JUN 23 down -0.9% at 35.63€/MWh
• TTF WIN 23 up 0.1% at 55.55€/MWh
• LNG net import flows to Europe were at 431mcm/d on 8 May as steady supply continues after the high levels seen in April.
• Norwegian imports are today unchanged at 292.0mcm/d with ongoing seasonal maintenance at several field and processing plant facilities. Works at Karsto have been extended by two days until 14 May and the Troll outage is expected to continue into June.
• European gas storage injections are maintaining near normal levels so far in May after the slow start to the refilling season in the first half of April. European gas storage is up to 62.04% on 8 May according to GIE data compared to the five year average for this time of year is 42.6% full
• The weather forecast for NW Europe is mixed with near normal temperatures this week dropping below for a few days next week.
• Gas transit flows through Ukraine are today back up to 40.6mcm/d and Algeria gas flow to Italy at Mazara are up to 77.4mcm/d.