TTF Ticks Higher

TTF front month has reversed earlier losses and is trading higher on the day as unavailability from Norwegian gas facilities and fields has been revised up, further restricting pipeline flows to Europe. Upside was limited from signs that industrial action at Chevron’s Australian LNG facilities could come to an end soon.

• TTF OCT 23 up 0.3% at 37.4€/MWh
• TTF WIN 23 down -0.7% at 46.22€/MWh
• TTF SUM 24 down -0.9% at 48.38€/MWh
• The front month has eased back from an intra-day high of €37.85/MWh.
• Norwegian pipeline gas flows to Europe have been revised down to 194mcm/d today, compared with 203.3mcm/d earlier.
• Unavailable capacity from facilities and fields have been revised up for the short term. 126.7mcm/d will be unavailable on 22-23 Sept, 120.3mcm/d on 24 September before falling back to around 52mcm/d on 25 September. Unavailability will rise afterwards as several facilities begin a short period of annual maintenance.
• At the same time, industrial action at Chevron’s LNG facilities in Australia might come to and end soon after Chevron accepted a proposal suggested by the Fair Work Commission. The unions have time until Friday 09:00 Sydney time to accept the proposal otherwise both parties will need to attend a hearing with the regulator scheduled for Friday 10:00 Sydney time.