TTF Surges Again Amid Maintenance in Norway and US

Volatile trading in European gas markets continues with front month TTF bouncing from a low of around 30.2€/MWh yesterday with sensitivity to supply risks causing price spikes. Pipeline imports from Norway and US LNG exports are both still curtailed by maintenance while warm weather is likely to support cooling demand and offset by high storage levels and above normal LNG sendout.

• TTF JUL 23 up 6.9% at 37.3€/MWh
• TTF WIN 23 up 3.5% at 52.53€/MWh
• TTF SUM 24 up 3.2% at 51.25€/MWh
• Warm weather is expected to continue across most of Europe this week before easing slightly cooler next week although still mostly holding above normal.
• Pipeline imports from Norway are at 241.4mcm/d today with works at several plants and fields ongoing into July.
• Total European LNG import flows remain strong around 400mcm/d in line with the last week despite the maintenance at Sabine Pass LNG limiting US exports.
• European storage is on track to restock this summer despite below normal injections. Total stocks were up to 73.98% full on 17 June according to GIE data compared to the five year average of 57.3%.
• Gas transit flows through Ukraine are today at 41.9mcm/d and Algeria gas flow to Italy at Mazara are at 64.6mcm/d.