TTF Steadies After Pull Back on Expected Norway Supply Return

TTF front month has steadied after a pull back to levels seen mid last week with a clearer timeline for the return of Norwegian supply from unplanned outage after surging to the highest since December on Monday.

• Norwegian pipeline supplies to Europe are today nominated at 280.5mcm/d amid the unplanned outage at Nyhamna. The outage has been extended until Friday according to Gassco yesterday with the repair schedule from the operator of the Sleipner riser platform expected to take two days.
• European LNG sendout remains low at 246cm/d on June 3 and in line with the average seen over the previous week but well below levels seen this time last year.
• Temperatures in NW Europe are expected to remain cool in the coming week, but above normal temperatures are still expected elsewhere in Europe.
• Total European gas storage was up to 70.62% full on June 3 according to GIE compared to the five year seasonal average of 58.6% with net injection rates 30% below normal in the last week.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 59.5mcm/d.
• ICE TTF daily aggregate traded futures volume was at 390k on June 4.
  • TTF JUL 24 up 0.9% at 34.1€/MWh
  • TTF Q3 24 up 1% at 34.5€/MWh
  • TTF WIN 24 up 0.6% at 38.47€/MWh
  • TTF SUM 25 up 0.8% at 35.75€/MWh