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TTF Slips but Remains in Weekly Range

NATGAS

Front month TTF is slipping again after a slight recovery Wednesday but remains within the weekly range. Higher Norwegian flows and strong seasonal gas storage levels are weighed against lower LNG imports and risks to Austrian gas supplies from Russia.

  • TTF JUN 24 down -0.6% at 33.68€/MWh
  • Norwegian nominated flows to the UK and Northwest Europe terminals are at 293.00 mcm/d vs 5-day moving avg 278.18 mcm/d according to Gassco.
  • European gas storage was 69% full on May 28 vs the 5-yr seasonal norm of 56% for this time of year according to GIE.
  • LNG flows to Northwest Europe on May 28 were 144.91 mcm/d, 15% lower than the 30-day average according to BNEF.
  • 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 $1.18/MMBtu in June according to BNEF.
  • Austria, the Czech Republic, Hungary and Slovakia have stepped up pressure on Brussels this week to push back against Germany over a gas tariff they say goes against European energy security measures.
  • Further information on Gazprom cutting off Austrian gas appears limited at present but was last weeks key upward driver for TTF.
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