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TTF Ticks Higher as Supply Issues Weighed Against Muted Demand

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Energy BulletsCommodities

TTF front month is ticking higher today after briefly rallying to a high of €30.8/MWh yesterday before pulling back. Reduced supply from Norway and ongoing Freeport LNG export terminal problems are supportive but upside is limited by muted demand.

    • TTF MAY 24 up 0.8% at 30€/MWh
    • TTF Q3 24 up 0.9% at 30.6€/MWh
    • TTF WIN 24 up 0.1% at 35€/MWh
    • TTF SUM 25 up 0.1% at 32.85€/MWh
  • Norwegian pipeline supplies to Europe are today nominated up slightly to 294.4mcm/d after the return of Ormen Lange. Gassco reports outages at Dvalin, Nyhamna, Aasta Hansteen, and Oseberg today ahead of peak outages of 89.6mcm/d over the coming weekend.
  • Temperatures in NW and central Europe are forecast above normal throughout the coming two weeks with a peak around May1 before drifting closer to normal.
  • European gas storage declined again yesterday amid net withdrawals this week. GIE data shows total stores are now 61.74% full compared to the five year average of 45.4%.
  • European LNG sendout was steady at 355mcm/d on April 24 compared to an average of 335mcm/d so far in April.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 63.5mcm/d.
  • ICE TTF daily aggregate traded futures volume was down at 308k on Apr. 25.
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TTF front month is ticking higher today after briefly rallying to a high of €30.8/MWh yesterday before pulling back. Reduced supply from Norway and ongoing Freeport LNG export terminal problems are supportive but upside is limited by muted demand.

    • TTF MAY 24 up 0.8% at 30€/MWh
    • TTF Q3 24 up 0.9% at 30.6€/MWh
    • TTF WIN 24 up 0.1% at 35€/MWh
    • TTF SUM 25 up 0.1% at 32.85€/MWh
  • Norwegian pipeline supplies to Europe are today nominated up slightly to 294.4mcm/d after the return of Ormen Lange. Gassco reports outages at Dvalin, Nyhamna, Aasta Hansteen, and Oseberg today ahead of peak outages of 89.6mcm/d over the coming weekend.
  • Temperatures in NW and central Europe are forecast above normal throughout the coming two weeks with a peak around May1 before drifting closer to normal.
  • European gas storage declined again yesterday amid net withdrawals this week. GIE data shows total stores are now 61.74% full compared to the five year average of 45.4%.
  • European LNG sendout was steady at 355mcm/d on April 24 compared to an average of 335mcm/d so far in April.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 63.5mcm/d.
  • ICE TTF daily aggregate traded futures volume was down at 308k on Apr. 25.