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TTF Unchanged With Steady Supply and Warm Weather

NATGAS

TTF holds gains from the last week with supply uncertainty but with a slow recovery in feedgas flows to the US Freeport terminal this week and no extended outages at Cheniere’s US LNG export terminals expected this summer.

    • TTF JUN 24 up 0.1% at 31.84€/MWh
    • TTF Q3 24 up 0.4% at 32.37€/MWh
    • TTF WIN 24 up 0.5% at 36.9€/MWh
    • TTF SUM 25 up 0.2% at 35€/MWh
  • Norwegian pipeline supplies to Europe are today nominated at 294.1mcm/d with works at Kollsnes, Troll and Visund today.
  • Net European gas storage injections are up to 63.61% full on May 5 according to GIE with net injection rates just below normal levels. The five year seasonal average is 48.6% full.
  • European LNG sendout was down again to 286mcm/d on May 5 according to Bloomberg with the average so far in May of just 297mcm/d compared to 337 in April.
  • Temperatures in NW Europe are expected to hold above normal but could cool beyond a peak around May 12.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 62.9mcm/d.
  • ICE TTF daily aggregate traded futures volume was down at 116k on May 4 amid the UK holiday.

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