April 26, 2024 08:42 GMT
TTF Reverses Gains, Tracks Weekly Net Loss
NATGAS
Front month TTF has erased earlier gains to trade down on the day amid muted demand due to above-normal temperatures and high renewables output in the week ahead. Reduced supply from Norway and ongoing Freeport LNG export terminal problems are supportive but upside is limited by muted demand.
- TTF MAY 24 down 0.3% at 29.68€/MWh
- TTF Q3 24 down 0.2% at 30.25€/MWh
- TTF WIN 24 up 0.2% at 35€/MWh
- Front month TTF is tracking a weekly net decline of around 3.5%.
- German onshore and offshore wind, combined with solar PV output is forecast to rise to 42.6GW during peak-load in the next seven days, data from spotrenewables showed.
- Natural gas supplies to the Freeport LNG terminal are expected to remain at minimal levels on Friday, indicating all three trains are still offline according to data compiled by BNEF.
- Norwegian pipeline supplies to Europe are today nominated up slightly to 294.4mcm/d after the return of Ormen Lange. Gassco reports outages at Dvalin, Nyhamna, Aasta Hansteen, and Oseberg today ahead of peak outages of 89.6mcm/d over the coming weekend.
- Temperatures in NW and central Europe are forecast above normal throughout the coming two weeks with a peak around May1 before drifting closer to normal.
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