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TTF Softer but Holding Most of Recent Gains

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European gas prices are softer Friday but holding up the overall recent strength this week on lower LNG imports and discussions within the EU to curtail gas and LNG supplies from Russia.

  • TTF JUL 24 down -1% at 35€/MWh
  • Norwegian gas flows have recovered this week while European gas inventories are well above the seasonal average.
  • Germany will scrap the gas storage levy at its border starting from January 2025, after receiving pressure from European neighbouring states, according to Sven Giegold Thursday, Germany’s state secretary for economic affairs and climate action.
  • LNG flows to Northwest Europe on May 29 were 135.55 mcm/d, 19% lower than the 30-day average.
  • Gorgon LNG in Australia has returned to full production supporting global supply.
  • 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 $1.10/MMBtu in June.
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 303.30 mcm/d vs 5-day moving avg 281.96 mcm/d according to Gassco.
  • European gas storage was 69% full on May 29 vs the 5-yr seasonal norm of 57% for this time of year according to GIE.
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European gas prices are softer Friday but holding up the overall recent strength this week on lower LNG imports and discussions within the EU to curtail gas and LNG supplies from Russia.

  • TTF JUL 24 down -1% at 35€/MWh
  • Norwegian gas flows have recovered this week while European gas inventories are well above the seasonal average.
  • Germany will scrap the gas storage levy at its border starting from January 2025, after receiving pressure from European neighbouring states, according to Sven Giegold Thursday, Germany’s state secretary for economic affairs and climate action.
  • LNG flows to Northwest Europe on May 29 were 135.55 mcm/d, 19% lower than the 30-day average.
  • Gorgon LNG in Australia has returned to full production supporting global supply.
  • 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 $1.10/MMBtu in June.
  • Norwegian nominated flows to the UK and Northwest Europe terminals at 303.30 mcm/d vs 5-day moving avg 281.96 mcm/d according to Gassco.
  • European gas storage was 69% full on May 29 vs the 5-yr seasonal norm of 57% for this time of year according to GIE.