TTF Surges Again With Ongoing Australia LNG Negotiations

TTF surges higher again today to the highest since April with officials and workers yet to reach any agreement to avert potential strikes at LNG facilities in Australia. “Woodside are well off the pace on key bargaining issues including job security and remuneration,” said the Offshore Alliance union. TTF front month reached a high of 42.5€/MWh in early trading this morning.

• TTF SEP 23 up 7.4% at 41.68€/MWh
• TTF WIN 23 up 3.9% at 55.5€/MWh
• TTF SUM 24 up 2% at 55€/MWh
• LNG sendout to Europe increased slightly back up to 299mcm/d on 14 August but imports to NW Europe are still down at 149mcm/d compared to nearly 200mcm/d seen this time last year.
• Norwegian pipeline supplies to Europe are nominated today at 323.8mcm/d and in line with levels seen last week ahead of an expected drop due to planned maintenance from this weekend.
• Total storage is up to 89.75% full on a 14 Aug according to GIE data compared to the five year average for this time of year of 75.8% with steady injection rates just below normal in recent days.
• Temperature forecasts in Europe are relatively unchanged with above normal across Europe throughout most of the two week outlook and supporting cooling demand with wind power generation staying low this week.
• Gas transit flows through Ukraine are just slightly down at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 64.9mcm/d.