TTF Lower As Norway Works Expected to Ease

TTF has pulled back from a high at 37.9€/MWh yesterday with maintenance at Norwegian facilities expected to gradually ease this week. Ongoing concern for global LNG supplies from strikes at facilities in Australia are balanced against low demand and healthy storage levels ahead of the winter season.

• TTF OCT 23 down -2% at 35.14€/MWh
• Chevron’s applications to the Fair Work Commission for intractable bargaining declarations to resolve the dispute at the Gorgon and Wheatstone LNG facilities will be heard on 22 Sep.
• Norwegian pipeline supplies to Europe are at 137.5mcm/d today after another extension to the key Troll outage until tomorrow.
• LNG sendout to Europe has fallen back from around 330mcm/d at the start of the month to 268mcm/d on 10 Sep.
• European natural gas storage was at 93.81% full on a 10 Sep according to GIE data compared to the five year average for this time of year of 83.3% amid slow injection rates.
• Temperatures across Europe have warmed slightly in the second week of the outlook and expected to remain above normal throughout the two week forecast.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are today down at 52.8mcm/d.