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TTF Jumps Higher Amid Reduced Norwegian Supply

NATGAS

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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