NATGAS: Gas Summary At European Close: TTF Falls

TTF front month has extended losses to its lowest since November as the market weighs EC recommended flexibility in reaching gas storage targets alongside the risk of renewed Russian gas transits via Ukraine. 

• TTF APR 25 down 8.1% at 38.15€/MWh
• Slovakia warns that it will veto the conclusions of Thursday’s emergency summit of European Union leaders if they don’t address gas transit resumption via Ukraine to Europe, Bloomberg reports.
• Temperatures in NW Europe are expected to hold above normal this weekend but fall below normal from early next week and through mid March.
• European gas stores were at 37.32% full on Mar. 4, according to GIE, compared to the previous five year average of 48.7% while withdrawal rates hold near normal.
• European LNG sendout was down on the day at 419mcm/d on Mar. 4 compared to an average of 438mcm/d over the previous week.
• Norwegian pipeline supplies to Europe edge up to 333.4mcm/d today ahead of a planned 9.6mcm/d capacity reduction at Karsto from tomorrow.
• In February, Latin American and Caribbean LNG imports dropped 42% on the month to 33.25 Bcf, the lowest monthly level since December 2023, according to Platts.
• Weak domestic LNG prices in China will keep resale of US contract cargoes more profitable, according to BNEF.
• Chinese LNG demand has shown signs of slowing down in 2025 according to various vessel tracking sources. ICIS tracking places volumes at multi year lows.
• The global LNG market is experiencing a shift in long-term contract durations, moving from the traditional 20-plus years to mostly 3-5 years, Platts said.