TTF Steady with Cold Weather Balanced Against Strong Supplies

European gas is back to flat after opening positive on the day after the trend higher last week with below normal temperatures across Europe expected to raise demand this week.

• TTF MAY 23 down -0.1% at 47.8€/MWh
• TTF WIN 23 up 0.1% at 58.47€/MWh
• TTF SUM 24 up 0.9% at 55.75€/MWh
• The cold start to April is supporting prices despite the high storage levels at the start of the injection season. European storage finished the withdrawal season at the end of March at 55.65% with injections in the last week supporting levels. Germany is at 64.3% full, Italy at 58.32%, Netherlands at 58.07%, Austria at 66.81% and France at 27.92%.
• LNG sendout remains strong despite ongoing strike action at French LNG import terminals. The three Elengy terminals are currently nominated to resume on 5 April. Total European net import flows averaged 418mcm/d in the last week of March.
• Norwegian imports are today strong at 344.1mcm/d with maintenance at several fields expected in the middle April.
• Gas transit flows through Ukraine are today nominated at 39.5mcm/d and Algeria gas flow to Italy at Mazara are at 71.5mcm/d.