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TTF Steady Amid Warm Weather and Switch to Net Storage Injections

NATGAS

TTF front month is holding within the trading range seen last week with storage switching to net injections and LNG imports falling with mild weather forecast to persist across Europe.

    • TTF MAY 24 up 0.1% at 27.38€/MWh
    • TTF Q3 24 down 0.3% at 27.81€/MWh
    • TTF WIN 24 down 0.3% at 31.78€/MWh
  • Temperatures in NW Europe are forecast to rise further above normal in the coming days before drifting back from a peak around Apr. 6. Week two of the forecast is expected to be cooler although still slightly above normal.
  • Norwegian pipeline supplies to Europe are nominated at 344.4mcm/d today amid a planned outage at Karsto this week.
  • European LNG sendout fell to the lowest since early October at 264mcm/d on Mar. 26 compared to an average throughout March of 330mcm/d.
  • European gas storage was at 58.72% full on Mar. 31 according to GIE with a switch to net injections on March 30. The seasonal five year average is 41.5% full.
  • Gas transit flows through Ukraine are at 40.2mcm/d today and Algeria gas flow to Italy at Mazara are today up at 68.4m/d.
  • ICE TTF daily aggregate traded futures volume were down at 212k on Mar. 28 ahead of the Easter holiday weekend.
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