NATGAS: TTF Rebounds Amid Ongoing Summer Storage Refill Concern

TTF has rebounded from a low of €46.82/MWh yesterday on reports that the EU will not seek to relax gas storage targets until after 2025 in its upcoming Clean Industrial Deal to offset bearish pressure from US-Russia talks on peace in Ukraine.

• Ukraine’s Energy Minister discussed the country’s need for gas imports with an EU representative and was seeking a diversification of supply routes to Ukraine and Slovakia, Reuters reports.
• Temperatures in NW Europe are rising above normal at the end of this week but are expected to drift back to near normal from mid next week.
• Norwegian pipeline supplies to Europe are again relatively unchanged at 329.7mcm/d with no planned field or plant outages this week.
• European gas storage has fallen to 43.37% full on Feb. 17, according to GIE, compared to the previous five year average of 53.2% with withdrawal rates rising to the highest since Jan. 22.
• European LNG sendout was 437mcm/d on Feb. 17 and approximately in line with the average seen so far in February.
• Algeria gas flows to Italy at Mazara are today at 59.76mcm/d, according to Bloomberg.
• ICE TTF futures aggregate trading volume was 525k on Feb. 18.
  • TTF MAR 25 up 1.9% at 50.15€/MWh
  • TTF SUM 25 up 2.2% at 50.43€/MWh
  • TTF WIN 25 up 2.1% at 47.34€/MWh