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TTF Within €2/MWh Weekly Range with Signs of Wheatstone Restart Soon

NATGAS

TTF is bouncing between €33.9 and €35.9/MWh with demand supported by warm weather set against the easing of LNG supply risks with the potential restart of Australia Wheatstone LNG soon. The EU yesterday approved its 14th sanctions package on Russia including a ban on transshipment at European ports for re-exporting to other countries.

  • Chevron said Wheatstone restart activities are ongoing as Bloomberg reports an LNG vessel nearby suggesting a resumption of production soon.
  • Europe is still expecting above normal temperatures throughout most of the two week forecast period.
  • Norwegian pipeline supplies to Europe are today nominated at 326.2mcm/d amid ongoing outages. The Visund outage has been extended to June 25 and still with uncertain duration according to Gassco.
  • European LNG sendout remains fairly low compared to last month and last year with flows unchanged on the day at 266mcm/d on June 19 according to Bloomberg.
  • Total European stores are up to 74.34% full on June 19 according to GIE compared to the five year seasonal average of 64% amid below normal net injections.
  • Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara are at 55.4mcm/d.
  • ICE TTF daily aggregate traded futures volume was 286k on June 19.
    • TTF JUL 24 down 0.1% at 34.45€/MWh
    • TTF Q3 24 up 0.2% at 35.13€/MWh
    • TTF WIN 24 down 0% at 39.3€/MWh
    • TTF SUM 25 up 0.1% at 36.75€/MWh

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