TTF Trades Higher on Supply Concerns

TTF front month gas trading 2.5% higher at 85.485€/MWh on supply concerns with variable Nord Stream imports and continued uncertainty over LNG imports following the Freeport LNG fire.

• Russian flows through Nord Stream are nominated lower at 42.3GWh/h during the day but back up to 57.46GWh/h from 18:00 tonight. Gas transit through Ukraine continues at 41.9mcm/d via Sudzha.
• Gas spreads should encourage spot LNG cargoes towards Europe so any missing Freeport cargoes could still be replaced. Net LNG imports to NW Europe were still above normal last week with a daily average at 170k mt.
• Norwegian supply is nominated at 285mcm/d as output recovers after outages last week but some works continue at Troll and Kollsnes until tomorrow.
• Above normal temperatures are expected across much of Europe next week with high solar output and low wind output.
• European gas storage is up to 52.1% full, with Germany at 55.2%, Italy at 53.4%, France at 54.6% and Netherlands at 45.1%.