TTF Surges Towards Weekly High As Chevron Strikes Start Today

TTF surges back up towards the weekly highs from Monday after Chevron talks with unions end without an agreement. Chevron stated that it has been advised that industrial action will commence today at 1pm Perth time. The company stated that it and the unions remain apart on key issues, despite recent conciliation sessions.

• TTF OCT 23 up 9.4% at 35.83€/MWh
• TTF WIN 23 up 5.3% at 48.92€/MWh
• TTF SUM 24 up 3.3% at 51.8€/MWh
• Gorgon and Wheatstone LNG facility stoppages will be up to 11 hours per day until 13 Sep before increasing to 24-hour stoppages from 14 Sep.
• Norwegian pipeline supplies to Europe down at 130mcm/d today after extensions to key capacity reductions at Troll and Kollsnes this week. Troll capacity is currently expected to gradually start returning from 10 Sep.
• LNG sendout to Europe was at 322mcm/d on 6 Sep as flows remain relatively unchanged so far this month and still just below last year levels.
• European natural gas storage was at 93.47% full on a 6 Sep according to GIE data compared to the five year average for this time of year of 82.4%.
• Temperatures across Europe are expected to remain above normal for the coming week before drifting slightly cooler in the second week of the outlook back towards normal.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara remain high at 66.7mcm/d today.