TTF Under Pressure With Steady Supplies and Building Storage

TTF is down from the previous close although holding just above the lows seen on Friday. Healthy supplies and low demand continue to weigh on the price with front month down around 4€/MWh from the start of the month and down over 50% from the start of the year.

• TTF JUN 23 down -2.1% at 35.82€/MWh
• TTF WIN 23 down -0.7% at 54.35€/MWh
• TTF SUM 24 down -0.7% at 52.45€/MWh
• Despite weak near term prices upside risk remains heading into the next winter heating season with potential for rising demand in Asia and the Middle East helping to keep the global market tight.
• LNG net imports flows to Europe continue to drift off from the high levels seen at the end of April with sendout down to around 430mcm/d on 6 May.
• European gas storage is up to 61.4% on 6 May according to GIE data compared to the five year average for this time of year is 41.9% full with near normal injection rates over the last week.
• Norwegian imports are today at 288.3mcm/d with ongoing seasonal maintenance at several field and processing plant facilities with some reductions at Troll expected to continue into June.
• Europe is expecting cooler weather in the east and warmer the normal in the west this week although NW Europe could briefly dip back below normal in the middle of the month.
• Gas transit flows through Ukraine are today at 38.6mcm/d and Algeria gas flow to Italy at Mazara are steady at 64.3mcm/d.