MNI China Daily Summary: Monday, December 9

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TTF Holds in Weekly Range as Norwegian Flows Recover

NATURAL GAS

TTF front month is trading in the 23.3€/MWh to 24.6€/MWh range this week as Norwegian pipeline supplies recover, European weather forecasts remain warm and storage levels hold above normal.

    • TTF MAR 24 up 0.5% at 24.09€/MWh
    • TTF SUM 24 up 0.5% at 24.6€/MWh
    • TTF WIN 24 down -0.1% at 29.15€/MWh
  • Norwegian pipeline supplies to Europe are today nominated back up to 340.1mcm/d with the return of capacity at Aasta Hansteen although the unplanned outage at Karsto has been extended until Friday.
  • The European weather forecast remains mild throughout the two week period although temperatures in NW Europe are expected to dip slightly closer to normal into the coming weekend.
  • European gas storage withdrawals remain below normal as overall storage levels edge further above the previous five year range highs at 64.92% full on Feb 20 according to GIE data compared to the seasonal five year average of 48.4%.
  • European LNG sendout was up slightly again to 402.5mcm/d on Feb 20 according to Bloomberg compared to an average of around 343mcm/d so far in February.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara is today at 43.3m/d.
  • ICE TTF daily aggregate traded futures volume was yesterday at 221k.
Energy BulletsCommodities
Energy BulletsCommodities

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