TTF Steady With Healthy Storage but Cooler Weather

European gas is finding some support today after falling slightly following the close yesterday. The market is steady with a cool end to the winter and with Asian buying interest maintaining LNG supply risks. The partial return of Freeport LNG over the coming weeks should help LNG supplies but only two of the three trains have been approved for restart with no timeline yet for the return of the third.

• TTF MAR 23 down -0.8% at 50.15€/MWh
• TTF SUM 23 down -1% at 50.2€/MWh
• TTF WIN 23 down -0.5% at 57.5€/MWh
• Sendout from European LNG import terminals remains steady at 420mcm/d on 20 Feb. The US netback is currently encouraging supplies to Europe over Asia and the JKM-TTF spread is back negative having traded in positive territory since mid December.
• Norwegian supplies are just slightly lower today at 326.4mcm/d and Russian gas supplies flowing through Ukraine are nominated at 41.4mcm/d.
• European gas in storage is at 63.44% according to GIE data from 21 Feb compared to the five year average of 42.3%. Germany is at 71.34% full, Italy at 62.56%, Netherlands at 63.77%, Austria at 71.28% and France at 46.80%.