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TTF Stronger on N Sea Supply Disruption

NATURAL GAS

European benchmark TTF gas is stronger again today with lower flows from Norway.

  • TTF AUG 22 up 4.5% at 171.95€/MWh
  • Prices fell on the expected return of the Nord Stream turbine that could increase the chance of gas supply after maintenance but outages to Norwegian flows have pushed prices back up again.
  • An incident at Sleipner field has curtailed supplies to Easington, Zeebrugge, Kollsnes and Nyhamma and is expected to last until Wednesday. Norwegian nominations are for 262.3mcm/d today down from around 330mcm in recent days.
  • Russian supply through Ukraine is 41.3mcm/d while there are no flows through Nord Stream due to maintenance until 21st July.
  • Soaring temperatures across Europe are adding to the bullish pressures with increased cooling demand. The two week weather forecast shows above normal temperatures throughout the period.
  • Injection in to European storage continue with stocks now up to 62.08% full.

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