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TTF Steady After Dip Yesterday Amid Stable Supply

NATGAS

Front month TTF is holding near the previous close after a dip yesterday to the lowest since June 10 as supply risks have eased and with cool weather in NW Europe this week, while storage levels are still on target to fill comfortably ahead of winter.

  • Temperatures in NW and central Europe are forecast to slowly increase over the coming week and return above normal into the second week of the outlook.
  • Norwegian pipeline supplies to Europe are nominated at 335.6mcm/d amid ongoing outages this week at Kasto, Troll and Visund according to Gassco.
  • European LNG sendout was steady at 239mcm/d on June 30 according to Bloomberg and just below the average in June of 246mcm/d.
  • Total European stores are up to 77.39% full on June 30 according to GIE compared to the five year average of 67.35% with net injection rates back up near normal.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy have fallen to 40.9cm/d.
  • ICE TTF daily aggregate traded futures volume was down at 216k on July 1.
    • TTF AUG 24 down 0.9% at 33.19€/MWh
    • TTF WIN 24 down 0.5% at 38.39€/MWh
    • TTF SUM 25 down 0.2% at 36.47€/MWh
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