TTF Rises Amid Threat to Australia LNG Exports

TTF rises with the ongoing to threat to global LNG supplies due to worker strikes at facilities in Australia with negotiations ongoing. The Chevron LNG facility will delay some spot cargo sales due to the uncertainty according to Bloomberg sources. TTF front month is back up from a low of 33.8€/MWh yesterday.

• TTF SEP 23 up 9.5% at 37.72€/MWh
• TTF WIN 23 up 6.2% at 52.21€/MWh
• TTF SUM 24 up 4.9% at 53.08€/MWh
• LNG sendout to Europe was holding steady at 283mcm/d on 13 August with imports still below levels seen last year. Import levels of LNG into Northwest Europe are expected to remain tepid in August with 52 arrivals currently expected in the month according to Bloomberg.
• Norwegian pipeline supplies to Europe are nominated today at 326.6mcm/d and in line with levels seen last week ahead of an expected drop later this month amid further maintenance works. Field and processing plan outages are expected to gradually increase from this weekend.
• European gas storage injections remain strong at just 7% below normal in the last week. Total storage is up to 89.45% full on a 13 Aug according to GIE data compared to the five year average for this time of year of 75.5%.
• Temperature forecasts in Europe are still showing above normal across Europe throughout most of the two week outlook although could drift back towards normal near the end of August.
• Gas transit flows through Ukraine are just slightly down at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 62.2mcm/d.