TTF Maintains Bearish Trend on Healthy Supply and Muted Demand

European gas markets are holding the bearish trend with steady supplies and low demand as cooling demand is yet to pick up. A warmer summer, re-emerging demand in Asia and an increase in industrial demand are upside risks to the market.

• TTF JUN 23 down -1.4% at 34.5€/MWh
• TTF WIN 23 down -0.5% at 54.71€/MWh
• LNG net import flows to Europe remain strong with price spreads still encouraging US supplies to Europe over Asia throughout the summer months. LNG at sea has risen as demand in Europe and Asia remains muted. LNG net import flows to Europe are holding around 430mcm/d this week.
• Norwegian imports are today unchanged at 294.4mcm/d as works continue at Kollsnes, Gullfaks, Karsto and with a reduction to Troll output expected to continue into June.
• Steady injections into European gas storage have built stocks up to 62.26% full on 9 May according to GIE data compared to the five year average for this time of year is 43.0% full
• The latest weather forecast shows temperatures in western and central Europe falling below normal next week before recovering back to normal towards the end of the two week outlook.
• Gas transit flows through Ukraine are today at 40.7mcm/d and Algeria gas flow to Italy at Mazara are up to 82.4mcm/d.