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TTF Jumps Higher Amid Reduced Norwegian Supply
TTF front month has jumped up to a high of €36.365/MWh amid unplanned Norwegian pipeline supply outages while LNG imports remain low.
- Norwegian pipeline supplies to Europe are today down at 251mcm/d with an unplanned outage at the Nyhamna plant due to downstream restriction and at Easington due to an upstream restriction according to Gassco.
- European LNG sendout has averaged about 256cm/d in the week to June 1 down from an average of 281mcm/d throughout May 2024 and around 390mcm/d at the start of June last year.
- Temperatures in NW Europe are expected to hold near normal in the coming week but could edge back above normal during the second week of the outlook.
- Total European gas storage was up to 70.17% full on June 1 according to GIE compared to the five year seasonal average of 57.8%.
- Gas transit flows through Ukraine are at 42.2mcm/d today and Algeria gas flow to Italy at Mazara are at 59.8mcm/d.
- ICE TTF daily aggregate traded futures volume was at 266k on May 31.
- TTF JUL 24 up 5.4% at 36.07€/MWh
- TTF Q3 24 up 5.2% at 36.45€/MWh
- TTF WIN 24 up 4.1% at 40.48€/MWh
- TTF SUM 25 up 3.3% at 37.42€/MWh
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.