MNI China Daily Summary: Monday, July 29

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TTF Rallies on Cooler Weather and Supply Concerns

NATURAL GAS

TTF continues to rise after surging 15% yesterday with the potential for an increase in demand due to the first colder weather of the winter heating season. Curtailed supplies from Norway due to outages at Aasgard and Visund are adding to the upside pressures.

    • TTF DEC 22 up 8.2% at 123.01€/MWh
    • TTF SUM 23 up 6.1% at 127€/MWh
  • Global competition for LNG supplies could be tighter than expected with the potential that Freeport LNG will not return as hoped this month. Freeport LNG told buyer they may cancel shipments planned for November and December. Total net LNG imports into Europe averaged around 417mcm/d last week.
  • Weather forecasts show a drop from the current above normal temperatures at the end of this week. Temperatures are forecast to fall to near normal in NW but below normal in central and eastern Europe.
  • Norwegian supplies are today nominated down at 294.9mcm/d with up to 20mcm/d missing from Aasgard. Gas supplies transit through Ukraine are stable at 42.4mcm/d.
  • European storage is maintaining at 95.55% before the arrival of the cooler weather.
Energy BulletsCommodities
Energy BulletsCommodities

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