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TTF Steady Amid Warm Weather and Returning Norway Supply

NATGAS

TTF is holding steady today after bouncing between €30/MWh and €31.5/MWh in recent days amid warm weather across Europe and recovering Norwegian pipeline gas supplies.

    • TTF JUN 24 up 0.4% at 31€/MWh
    • TTF Q3 24 up 0.2% at 31.57€/MWh
    • TTF WIN 24 up 0.4% at 36.45€/MWh
  • Above normal temperatures are expected across Europe throughout the coming two weeks although could ease back closer to normal from mid month in NW Europe. Italy is already seeing some cooling demand with a daily average of 2 cooling degree days for the 6-10 day forecast according to Bloomberg.
  • Norwegian pipeline supplies to Europe have recovered to 308.1mcm/d today with Gassco showing outages due to fall again to 30.4mcm/d tomorrow.
  • European LNG sendout was again steady at 276mcm/d on May 8 compared to an average of 291mcm/d in the previous week.
  • Total European gas storage was 63.93% full on May 7 according to GIE compared to the five year seasonal average of 49.1% with net injections still below normal.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 65.2mcm/d.
  • ICE TTF daily aggregate traded futures volume was down at 218k on May 9
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