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TTF Holds Near May High Amid Norway Outages

NATGAS

TTF front month is holding just below the high from earlier this month of €32.21/MWh with curtailed supplies from Norway today due to planned maintenance while LNG supplies remain low amid muted demand.

    • TTF JUN 24 down 0.4% at 31.65€/MWh
    • TTF Q3 24 down 0.2% at 32.44€/MWh
    • TTF WIN 24 down 0.1% at 37.46€/MWh
    • TTF SUM 25 up 0.1% at 35.65€/MWh
  • Norwegian pipeline supplies to Europe are today nominated down at 178.9mcm/d with works today at Troll and Kollsnes. Gassco data shows total outages of 177mcm/d today declining back to around 55mcm/d later this week.
  • Temperatures in NW and central Europe are still forecasts to hold above normal throughout the two week outlook and into the start of June.
  • European LNG sendout declined to 252mcm/d on May 19 compared to the average seen so far in May of 292mcm/d and 438mcm/d in May 2023.
  • Total European gas storage is still near the high end of the seasonal range at 67.15% full on May 19 according to GIE compared to the five year seasonal average of 53.1%. Injection rates have edged higher and back in line with the five year average level.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 55.1mcm/d.
  • ICE TTF daily aggregate traded futures volume was at 261k on May 20.
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