TTF Steady With Russian Supply Still Curtailed

European gas prices are steady today as the lower supplies are balanced against potential lower demand as high prices could impact industrial consumption. EU member states are looking at emergency gas plans, including increasing coal power generation, to cope with the reduced gas supply while maintaining flows into storage. TTF currently up 0.7% to 126.45€/MWh.

• Flows from Norway are expected to fall today due to a compressor failure at Troll reducing capacity by 30mcm/d and with a planned outage at Ormen Lange. Nominations are currently showing as 286.5mcm today down from an average of 325mcm/d over the last week.
• Gas pipeline flows from Russia are relatively unchanged from yesterday with flows through Nord Stream nominated at 64.7mcm/d and transit through Ukraine steady at 41.9mcm/d. The southern TurkStream pipeline through the Black Sea is shut for planned maintenance until 28^th June.
• LNG flows have shown a decline last week but are following the lower summer seasonal trend and are therefore still well above normal.
• High temperatures are forecast to continue in central and eastern Europe giving fairly high German solar output today but lower wind generation.
• European gas storage is up to 55.06% full as of 20^th June.