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TTF Trends Higher

NATURAL GAS

TTF is trading higher after pulling back from last week’s high of €34.3/MWh as supply risks amid a second round of Norwegian maintenance and low LNG imports this month are weighed against high gas storage levels and lower industrial demand.

  • TTF SEP 23 up 1% at 27.15€/MWh
  • Total European gas in store has risen to the top range of the five-year average of 85.13% full, compared with the average of 70.128%. Net storage injections remain within the 2018-2022 average range.
  • LNG flows to northwest Europe on July 26 were 142.37mcm/d, 20% lower than the 30-day average.
  • The latest weather forecast has been revised down to below the seasonal norm for the coming days in northwest Europe, limiting demand for cooling, while temperatures in the southern region are forecast to remain well above the average in the coming week before cooling down to below the norm.
  • Norwegian pipeline imports stood at 340.4mcm/d today, compared with the five-day moving average of 334.2mcm/d.
  • In Norway, seasonal maintenance at the Troll field and Kollsnes processing plant are scheduled to start this week amid a second round of annual maintenance.
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