NATGAS: Gas Summary at European Close: TTF Highest Since Oct. 23

TTF has climbed to its highest level since Oct. 2023, as concerns for low storage and summer refill requirements continues to drive prices higher. The outage at Norway’s Asgard field is also proving supportive.

• TTF MAR 25 up 3.5% at 53.26€/MWh
• Europe set for a mild second half of February, which could help relieve declining gas storage, Bloomberg reports.
• Norwegian pipeline supplies to Europe have recovered slightly to 325.2mcm/d today, according to Bloomberg.
• Gas supplies from Norway’s Asgard field expected to remain curbed until Feb. 10, Gassco reports.
• European gas storage has fallen to 54.65% full on Jan. 29, according to GIE, compared to the previous five-year average of 61.5%. Net withdrawal rates are almost unchanged on the day and below normal since Jan. 24.
• Hungary says US tariffs on EU hinge on LNG purchases, Hungarian news site Index reports.
• Global LNG supply could fall 5% m/m in February to 34m tons, BNEF estimates.
• Chinese LNG imports down by 18% y/y in January, suggesting weakness in domestic gas consumption in late-2024 is continuing, according to IEA analyst Greg Molnár.
• Japan weighs offering support for $44bn Alaska LNG pipeline to avoid potential trade friction with US President Donald Trump, Reuters reports.
• Japan’s LNG imports fell by 0.4% to 65.9m metric tons in 2024, according to preliminary finance ministry data cited by Reuters.
• Indonesia has yet to clarify its LNG exports beyond Q1 2025 due to a review of domestic gas demand, Platts said.