TTF Lower with Warmer Weather and Stable Supplies

European gas markets continue to drift lower today driven by a warm weather forecast for Europe into next week and with steady supplies and high storage. Front month TTF has pulled back from a high of 51.75€/MWh from the start of this week but remains above levels seen in the second half of March.

• TTF MAY 23 down -1.3% at 45.95€/MWh
• TTF WIN 23 down -1.2% at 59.22€/MWh
• TTF SUM 24 down -0.8% at 56.2€/MWh
• European LNG net import flows were up over 440mcm/d on 3 April with cold weather and low wind output feeding higher demand. The three Elengy LNG terminals are still nominated at zero today but are suggesting a resumption tomorrow. The resumption of operations has not yet been confirmed with ongoing uncertainty over French strike action.
• European gas in storage is at 55.72% according to GIE data from 3 Apr compared to the seasonal normal of 34.7%.
• Norwegian imports are today nominated up near the highs of the year at 344.1mcm/d but planned outages for maintenance at several field in the middle of April could reduce output by up to 100mcm/d on certain days.
• Gas transit flows through Ukraine are today nominated at 41.1mcm/d and Algeria gas flow to Italy at Mazara are up at 87.3mcm/d.