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TTF Holds Gains Awaiting Potential Australia LNG Strikes

NATURAL GAS

TTF is holding onto gains from yesterday as the market awaits news regarding potential strikes impacting LNG supplies from Australia as early as September 2 and with upcoming supply reductions from Norwegian maintenance.

    • TTF SEP 23 up 0.6% at 41.02€/MWh
    • TTF WIN 23 up 0% at 55.6€/MWh
    • TTF SUM 24 up 0% at 55.55€/MWh
  • Woodside has said that talks with unions have been “constructive” including “substantive” agreements on some items while the recent spikes in natural gas prices indicate that global market are fragile.
  • Norwegian pipeline supplies to Europe are today at 303mcm/d due to seasonal field and processing plant maintenance and expected to fall further with more outages planned to start this week.
  • LNG sendout to Europe has fallen to around 260mcm/d with a drop in flows into NW Europe and compared to an average of about 290mcm/d seen so far in August.
  • European gas storage is up to 91.34% full on a 20 Aug according to GIE data compared to the five year average for this time of year of 77.9%.
  • Temperature forecasts in NW and central Europe are holding above normal this week but drift back towards normal into the last few days of the month and into the start of August.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 62.8mcm/d.

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