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TTF Rallies Towards 30€/MWh Amid Lower Import Supplies

NATURAL GAS

TTF front month rallies back up towards 30€/MWh as the market remains sensitive to supply risks. A drop in supply from Norway has driven the recent move higher while LNG imports are trending lower.

    • TTF SEP 23 up 3.7% at 29.82€/MWh
    • TTF WIN 23 up 2% at 46.29€/MWh
    • TTF SUM 24 up 1% at 48.55€/MWh
  • Norwegian pipeline supplies to Europe have fallen further today with nominations down at 308.3mcm/d with additional maintenance at Troll extended for another day into Thursday. The exact duration remains uncertain.
  • LNG sendout to Europe has averaged just over 300mcm/d at the start of this week compared to an average of around 333mcm/d in July and 378mcm/d in June. Prices in Asia edge higher to continue to encourage spot LNG deliveries to Asia over Europe.
  • Total European gas in store was up above the five year range at 86.09% full on 31 July according to GIE data compared to the five year average of 71.0%.
  • The latest weather forecast shows temperatures in NW and central Europe falling further below normal over the weekend before recovering back above normal in week two. Above normal temperatures are expected to stay in southern Europe throughout the first half of August.
  • Gas transit flows through Ukraine are unchanged today at 42.4mcm/d and Algeria gas flow to Italy at Mazara are at 62.9mcm/d.
Energy BulletsCommodities
Energy BulletsCommodities

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