TTF Steady With Pipeline Supplies Expected to Return

TTF front month has eased back from a high of 37.9€/MWh on 11 Sep with ongoing LNG supply risks set against an expected gradual return of Norwegian pipeline supplies, healthy storage levels and low demand. Global LNG supplies remain in focus with a possible extension of strikes at facilities in Australia for up to 24 hours a day from 14 Sep.

• TTF OCT 23 down -0.1% at 34.66€/MWh
• TTF WIN 23 down -0.2% at 47.11€/MWh
• TTF SUM 24 down -0.5% at 49.9€/MWh
• Norwegian pipeline supplies to Europe are up slightly to 145.3mcm/d today with Troll currently expected to restart on Thursday followed by a gradual ramp up in available capacity.
• LNG sendout to Europe recovered back to 316mcm/d on 11 Sep after falling to 263mcm/d on 10 Sep.
• European natural gas storage continues to edge higher amid slow injection rates up to 93.85% full on a 11 Sep according to GIE data compared to the five year average for this time of year of 83.5%.
• Temperatures across Europe are expected to hold above normal throughout the two week forecast period although NW Europe could see a slightly cooling in the second week of the outlook.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara have recovered slightly back up to 58.2mcm/d.