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TTF Remains Flat on Tuesday As High Stocks Ease Supply Concerns

NATGAS

TTF is flat on Tuesday having eased back in later day trading on Monday on stable fundamentals and a restocking of gas offsetting any potential LNG supply concerns from Freeport.

  • TTF AUG 24 down 0% at 32.28€/MWh
  • Freeport announced it had wound down operations on Sunday ahead of Beryl making landfall with Texas on Monday.
  • Gas flows to the Freeport LNG export facility in Texas were revised lower to 0.02 bcf/day on Tuesday, according to early nominations data compiled by BloombergNEF - indicating the facility isn’t ready to resume production.
  • European gas storage was 79% full on July 7 vs the 5-yr seasonal norm of 70% for this time of year according to GIE.
  • LNG flows to Northwest Europe on July 7 were 109.64 mcm/d, 19% lower than the 30-day average.
  • US LNG exports are currently more profitable to Asia in August, September and October. The gas price spread between Asia and Europe is $2.05/MMBtu in August.
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 331.60 mcm/d vs 5-day moving avg 330.46 mcm/d according to Gassco.
  • Austria’s OMV said Tuesday that energy prices continued to rise in Q2 with natural gas 5.9% higher then the three months prior.

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