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TTF Lower with High Storage, Low Demand and Stable Supply

NATURAL GAS

TTF opens lower to extend the pull back seen yesterday with supply fundamentals relatively unchanged despite the risks to Russian and LNG flows which had led the previous rally. High storage levels and low industrial demand are providing downside pressure.

    • TTF AUG 23 down -0.9% at 29€/MWh
    • TTF WIN 23 down 0% at 48.5€/MWh
    • TTF SUM 24 down -0.2% at 50.75€/MWh
  • LNG sendout to Europe has dropped to an average around 308mcm/d this week as NW Europe flows on 25 July fell to the lowest since Dec 2021 according to Bloomberg data. The average sendout so far in July is 339mcm/d compared to 378mcm/d in June.
  • Total European gas in store is up at the top of the five year range at 84.25% full on 25 July according to GIE data compared to the five year average of 69.1%.
  • The latest two week weather forecast shows temperatures ending this week near normal or just above normal before increasing again across southern Europe but falling below normal in NW and central Europe.
  • Norwegian pipeline supplies to Europe are today nominated at 337.3mcm/d in line with levels seen this week after the end of seasonal outages.
  • Gas transit flows through Ukraine are unchanged today at 42.4mcm/d and Algeria gas flow to Italy at Mazara are at 61.9mcm/d.

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