TTF Unchanged with Warm Next Week and Strong Supplies

European gas markets this morning remain near levels seen late yesterday with a warm weather forecast, steady supplies, and high storage. Front month TTF has pulled back from a high of 51.75€/MWh from the start of this week but remains above levels as low as 39€/MWh seen in the second half of March.

• TTF MAY 23 down -0.2% at 44.5€/MWh
• TTF WIN 23 down -0.1% at 56.69€/MWh
• European LNG net import flows were up over 440mcm/d at the start of this week with cooler weather boosting demand. The cold weather is expected to give way to above normal temperatures over this weekend and into next week in NW Europe. The return of some operations at French LNG terminals could help ease recent disruptions. Two of the Elengy terminals resumed sendout yesterday with the third currently nominated to resume tomorrow. Dunkerque will however have reduce capacity today due to another strike.
• European gas in storage is down slightly to 55.59% according to GIE data from 4 Apr after withdrawals at the start of this week.
• Norwegian imports are today nominated up near the highs of the year at 343.1mcm/d but planned outages for maintenance could reduce output next week including outages at Aasta Hansteen and Hyhamna on 12-13 April.
• Gas transit flows through Ukraine are today nominated at 41mcm/d and Algeria gas flow to Italy at Mazara are up at 84.4mcm/d.