NATGAS: Gas Summary at European Close: TTF Climbs on Week

TTF is holding within the €48.5/MWh to €50.8/MWh range seen in recent days as falling storage inventories continue to support prices amid tight market risk despite the forecast of mild weather in the coming days.

• TTF FEB 25 up 1.1% at 49.66€/MWh
• European gas storage withdrawals remain well above normal and just below the highest since Feb 2021 seen on Jan. 21. Storage has fallen to 57.6% full on Jan. 22, according to GIE.
• Temperatures in NW Europe are forecast above normal in the coming week.
• Norwegian pipeline supplies to Europe are nominated down at 324.5mcm/d today: Bloomberg.
• Greece's Alexandroupolis LNG terminal has resumed regasification services.
• Italy’s Panigaglia LNG terminal set to receive its first cargo since July 2024: ICIS
• Russian companies increased natural gas production by 7.4% to 708bcm in 2024, according to Kommersant.
• Germany's energy regulator and Economy Ministry are collaborating with THE on a tender process to support a proposed subsidy mechanism for gas storage refills
• LNG freight rates hit historic lows in the week ending Jan. 23, Platts said.
• Asia’s spot LNG prices were little changed this week, as ample stocks and mild weather capped demand in the far East
• Global LNG arbs shift to incentivise LNG deliveries to Europe over Asia with TTF at a premium to Northeast Asia: Spark
• JERA plans to increase its purchase LNG from the USA to diversify its supply Reuters said.
• The number of US LNG export cargoes fell to 22 in the week to Jan. 22 from 29 the week prior, according to the EIA. Total capacity of the vessels dropped to 84bcf from 110bcf.
• Indonesia may need 54 extra LNG cargoes for 2025 to meet its domestic gas requirements, Platts said.