TTF Holds Steady After Gains Yesterday

TTF front month is edging higher today after gaining €2/MWh yesterday amid curtailed Norwegian gas supplies ahead of the maintenance season, and geopolitical tensions in the Middle East.

• TTF MAY 24 up 0.1% at 27.93€/MWh
• TTF Q3 24 down 0.3% at 28.58€/MWh
• TTF WIN 24 up 0.1% at 33.25€/MWh
• TTF SUM 25 up 0.5% at 32.08€/MWh
• There are conflicting views around the progress of Israel/Hamas peace talks from both sides. Israel suggested cautious optimism of progress on a Gaza ceasefire deal but wires reported that Hamas rejected the proposal.
• Norwegian pipeline supplies to Europe are today nominated back up to 333.0mcm/d but still below normal due to an unplanned outage at the Asgard field.
• Above normal temperatures are expected to persist across Europe in the coming week although NW and central Europe could see temperature back near to normal levels during the second week of the outlook.
• European LNG sendout was at 336mcm/d on Apr. 7 compared to an average of 319mcm/d over the previous week.
• European gas storage was up to 60.19% full on Apr. 7 according to GIE with injections above the previous five year range level over last weekend. The seasonal five year average is 42.5% full with last year at 55.5%.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 71.2mcm/d.
• ICE TTF daily aggregate traded futures volume was yesterday at 341k.