TTF Regains Ground Back to Near Flat on the Day

TTF front month back to positive on the day after falling as low as 29.14€/MWh early today as supply concerns from Norwegian outages and LNG competition from Asia are balanced against low demand and high storage.

• Gas consumption was estimated by Morgan Stanley at 18% below the five year seasonal average in May according to Bloomberg while Asia demand remains mixed.
• Hot weather in NW Europe is boosting cooling demand while warm weather is forecast in parts of Asia including China and could encourage buyers to seek LNG supplies although high inventory levels may limit the appetite for buyers to raise bids.
• US LNG netbacks to Europe for July were estimated at 7.05$/mmbtu to Europe and 5.81$/mmbtu to Asia according to Bloomberg before the TTF open this morning.
• TTF JUL 23 up 0.3% at 32.15€/MWh
• NBP JUL 23 down -0.6% at 77.31p/th
• JKM Jul 23 up 0.4% at 9.25$/mmbtu
• JKM-TTF Jul 23 up 0.3$/mmbtu at -0.86$/mmbtu
• US Natgas JUL 23 down -1% at 2.23$/mmbtu