April 25, 2024 07:00 GMT
TTF Rises amid Norway Outages and Storage Withdrawals
NATGAS
TTF front month is edging higher today from a low of €28.05 yesterday with falling Norwegian gas supplies during planned maintenance and storage withdrawals amid the recent cold weather.
- TTF MAY 24 up 1.7% at 29.52€/MWh
- TTF Q3 24 up 1.9% at 30.18€/MWh
- TTF WIN 24 up 1.5% at 34.75€/MWh
- TTF SUM 25 up 1.2% at 32.59€/MWh
- Warmer than normal temperatures are however forecast across Europe in the coming two weeks, with temperatures in NW Europe peaking around May1 before drifting back towards normal.
- Norwegian pipeline supplies to Europe are today nominated down further to 272.7mcm/d. Gassco reports outages at Dvalin, Nyhamna, Aasta Hansteen, Ormen Lange and Oseberg today. Planned maintenance capacity reductions are expected to peak at 101.7mcm/d on April 27.
- European gas storage declined again yesterday amid net withdrawals in the two days to April 23. GIE data shows total stores are now 61.87% full compared to the five year average of 45.1%.
- European LNG sendout was 354mcm/d on April 23 compared to an average of 334mcm/d so far in April.
- Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 64.6mcm/d.
- ICE TTF daily aggregate traded futures volume was down at 259k on Apr. 24.
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