NATURAL GAS: TTF Pulls Back After Surge Higher Yesterday
Feb-29 08:09By: David Lee
TTF eases lower after a rally yesterday to the highest since Feb.13 at 26.17€/MWh before pulling back later in the day. European gas has found some support this week with a slightly cooler weather forecast and with lower prices expected to support interest from price sensitive LNG buyers in China and Asia.
- TTF APR 24 down -2.7% at 24.91€/MWh
- TTF SUM 24 down -2.8% at 25.28€/MWh
- TTF WIN 24 down -2.3% at 29.69€/MWh
- Temperatures in NW and central Europe are expected to remain above normal in the coming week before drifting back to near normal in the second week of the outlook.
- European gas storage was up at 63.13% full according to GIE data compared to the seasonal five year average of 46.4% as withdrawals hold near normal this week.
- Norwegian pipeline supplies to Europe are down at 336.5mcm/d with an unplanned outage reducing capacity at Skarv by 10mcm/d today.
- European LNG sendout has averaged 365mcm/d in the week to Feb 27 according to Bloomberg to remain well below the Feb 2023 average of about 440mcm/d.
- Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara have today recovered up to 47.8m/d.
- ICE TTF daily aggregate traded futures volume was at 321k yesterday.
