TTF Holds Near Lows Despite Norway Outages

TTF front month is holding near the lowest since June seen yesterday amid high storage and as warm weather continues to dominate across Europe and despite curtailed Norwegian pipeline supplies.

• TTF MAR 24 down -1.4% at 23.84€/MWh
• TTF SUM 24 down -0.9% at 24.53€/MWh
• TTF WIN 24 down -0.6% at 29.3€/MWh
• Norwegian pipeline supplies to Europe are today down at 325.9mcm/d with unplanned outages today at Aasta Hansteen and Karsto adding to a planned capacity reduction at Karsto until late April.
• The weather forecast continues to show above normal temperatures for much of Europe throughout the two week period although temperatures in NW Europe are expected to dip slightly closer to normal later this week.
• Net European gas storage is above the previous five year range highs at 65.12% full on Feb 19 according to GIE data compared to the seasonal five year average of 48.7%.
• European LNG sendout was up to the highest since Jan 18 at 391mcm/d on Feb 19 according to Bloomberg compared to an average of around 340mcm/d over the previous week.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara is today down at 43.0m/d.
• ICE TTF daily aggregate traded futures volume was yesterday up at 302k.