TTF Recoups Some Losses

Front month TTF has recovered some of the earlier losses supported by curtailed Norwegian pipeline flows, while the market assesses the impact of an escalation of the conflict in the Middle East, Russian attacks on Ukraine storage facilities last week and strong recent Asian LNG demand.

• TTF MAY 24 up 0.2% at 30.79€/MWh
• TTF Q3 24 down 0% at 31.44€/MWh
• Iran launched an assault on Israel on April 13 with over 300 drones, cruise missiles, and ballistic missiles that were intercepted by Israel's "Iron Done" system.
• NW and central Europe is forecast to see temperatures falling below normal this week but expected to recover back to normal or just above during the second week of the outlook.
• Norwegian pipeline supplies to Europe fell yesterday and nominated at 316.1mcm/d today after an unplanned outage at the Nyhamna processing plant currently expected until Tuesday. Smaller works at Dvalin, Karsto and Kollsnes are further curtailing flows this week.
• European LNG sendout was at 315mcm/d on Apr. 13 compared to an average of 328mcm/d so far in April.
• European gas storage was up to 61.69% full on Apr. 13 according to GIE compared to the seasonal five year average of 42.7% full with injections rates rising back above normal.