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TTF Reverses Some Recent Gains Despite LNG Competition

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Front month TTF is reversing some of Monday’s gains which had been supported over Gazprom cut off fears for Austria and Norwegian maintenance as the region heads into its refill season.

  • TTF JUN 24 down -2.2% at 34.48€/MWh
  • Maintenance at the UK’s St. Fergus gas terminal is set to last a few days longer than originally planned, further impacting gas flows from Norway, according to Gassco.
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 296.10 mcm/d vs 5-day moving average of 279.02 mcm/d accord to Gassco.
  • European gas storage was 69% full on May 26 vs the 5-yr seasonal norm of 56% for this time of year according to GIE data.
  • US liquefied natural gas exports are currently more profitable to Asia in July, August and September. The gas price spread between Asia and Europe is $1.25/MMBtu in June according to BNEF.
  • The EU adopted a law on Monday to monitor methane emissions from gas imports from 2030.
  • Higher budget commitments have been announced for Norwegian gas explorations production in 2024/25, adding support for European energy security as the region’s biggest supplier.
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Front month TTF is reversing some of Monday’s gains which had been supported over Gazprom cut off fears for Austria and Norwegian maintenance as the region heads into its refill season.

  • TTF JUN 24 down -2.2% at 34.48€/MWh
  • Maintenance at the UK’s St. Fergus gas terminal is set to last a few days longer than originally planned, further impacting gas flows from Norway, according to Gassco.
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 296.10 mcm/d vs 5-day moving average of 279.02 mcm/d accord to Gassco.
  • European gas storage was 69% full on May 26 vs the 5-yr seasonal norm of 56% for this time of year according to GIE data.
  • US liquefied natural gas exports are currently more profitable to Asia in July, August and September. The gas price spread between Asia and Europe is $1.25/MMBtu in June according to BNEF.
  • The EU adopted a law on Monday to monitor methane emissions from gas imports from 2030.
  • Higher budget commitments have been announced for Norwegian gas explorations production in 2024/25, adding support for European energy security as the region’s biggest supplier.