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TTF Stable after Volatile Last Week

NATURAL GAS

European TTF front month gas unchanged at 82.5€/MWh as prices have settled following the fire at the US LNG export terminal last week.

  • Uncertainty remains over LNG flows into Europe with the terminal outage expected to be at least 3 weeks and affecting at least 10-12 cargoes. Last week weekly average imports into NW European were still well above average for the time of year at 167k mt compared to the 5-year average of 86k mt.
  • Imports via the Nord Stream pipeline are due to fall further today with nominations down to 48.85GWh/h from recent flows of 61.7GWh/h. Transit flows via Ukraine are expected to remain unchanged at 41.9mcm/d.
  • Weather forecasts show above normal temperatures are expected in NW Europe over the coming 10 days potentially reducing heating demand and increase solar production.
  • European storage is now up to 51.5% full.
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