NATGAS: Gas Summary At European Close: TTF Falls
May-01 15:21
TTF is lower on the day, reversing some of yesterday’s gains, with the market weighing building European gas storage owing to steady LNG imports against an expected drop in Norwegian pipeline supply amid maintenance.
- TTF JUN 25 down 1.1% at 31.98€/MWh
- Norwegian pipeline supplies to Europe are 315.4mcm/d today, Bloomberg shows. Gassco shows planned capacity reductions of 22.2mcm/d today, rising to 28.2mcm/d tomorrow and reaching 71.2mcm/d on May 3.
- NW European LNG sendout was steady at 235mcm/d on April 29 and roughly in line with the average from the previous week, Bloomberg shows.
- Europe is likely to need to increase LNG imports above the rates in recent weeks to ensure storage capacity is refilled ahead of the next winter, GFB Insight said.
- Germany will lower the legally-binding gas storage targets with cavern storage facilities down from 90% to 80% and porous reservoirs to 45%, according to an economy ministry press release cited by Bloomberg.
- Croatia’s Krk LNG terminal at Omisalj is proceeding with a major expansion to raise capacity to 6.1bcm/ yr with an extension to a planned outage to mid-October, Kpler said.
- TotalEnergies hopes to resume work on the 12.8mtpa Mozambique LNG project “by the middle of the year,” CEO Patrick Pouyanne said.
- US LNG exports in Jan- April surged by over 20% on the year to 34.6m tons, according to Reuters citing Kpler data.
- China’s LNG imports were 26% lower y/y in April, while Jan-April imports were down 23% y/y, according to ICIS analyst Alex Froley.
- Ukraine will increase its gas imports by almost 40% d/d to 13.3 mcm on Thursday, Reuters reports.
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US TSY OPTIONS: May'25 10Y Put Sale
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US DATA: Private Sector Leads Construction Rebound In February
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US construction spending rebounded in February after a weak January, rising 0.7% M/M (vs 0.3% expected, -0.5% prior downward rev from -0.2%). That brought nominal spending to an all-time high $2.196T (on a seasonally-adjusted, annualized basis).
- Private sector activity drove the rebound, up 0.9% M/M from -0.7% prior in what may have been a bounce from a January marred by bad weather and potentially other factors including the southern California wildfires.
- Residential construction rebounded 1.3% after -1.2%, with non-residential up 0.4% after -0.2%.
- In the subcategories, manufacturing construction has failed to regain traction after 4 consecutive negative/flat months, though at least posted 0.1% growth in February. Nonresidential ex-manufacturing construction in contrast jumped 0.5% after -0.1% prior.
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- It's worth noting however that construction in manufacturing has been flagging (-2.0% 3M/3M annualized was the weakest since Nov 2020), after very strong gains in 2022-23.
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