TTF Holds Just Above Weekly Lows

TTF front month holds steady amid bearish near term fundamentals although small outages continue to limit Norwegian supply and feedgas flows to US LNG export terminals are still curtailed.

• TTF APR 24 down 0.5% at 24.79€/MWh
• TTF SUM 24 down 1.3% at 24.89€/MWh
• Above normal temperatures across Europe are forecast to persists although could drift back towards normal into the second week of the outlook.
• European gas storage was 60.09% full on Mar. 12 according to GIE with withdrawal rates rising to slightly more than normal. The seasonal five year average is 42.9% and storage was 56.5% full this time last year.
• Norwegian pipeline supplies to Europe are today nominated up to 338.1mcm/d amid ongoing outages at Karsto, Sleipner and Oseberg this week.
• European LNG sendout was up slightly to 368mcm/d on Mar. 12 but still below an average of 413mcm/d in March 2023.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are today at 61.2m/d.
• ICE TTF daily aggregate traded futures volume was yesterday at 231k.