NATGAS: Gas Summary At European Close: TTF Falls

TTF front month reversed earlier gains, with global supply risks easing after Freeport LNG announced restored service to an LNG storage tank. This has unwound gains from seasonal Norwegian maintenance and lower Malaysian LNG exports today.

• TTF JUN 25 down 0.9% at 36.64€/MWh
• Freeport LNG has restored service to a third LNG storage tank after piping to the tank was damaged in a fire in June 2022, which may aid the consistency of flows from the plant.
• The 10-day moving average for LNG exports from Malaysia fell to 11.1 tons/day on Monday, the lowest level in ship-tracking data going back to 2017, Bloomberg reports.
• Europe can secure enough LNG to refill storage ahead of next winter at current prices but would face competition for supply should prices fall further, according to Goldman Sachs cited by Bloomberg.
• The European Union imposed sanctions on three vessels that helped move LNG cargoes from Russia’s Yamal LNG project, Bloomberg reports.
• Norwegian pipeline supplies to Europe are down to 160.2mcm/d today, Bloomberg shows. Gassco shows planned outages at a peak of 174mcm/d today before falling back to 16mcm/d by May 23..
• NW European LNG sendout was 209mcm/d on May 19 compared to an average of 225mcm/d so far this month, Bloomberg shows.
• European gas storage injections fell back below normal on the day, but total stores are up to 44.91% full on May 19, according to GIE. The previous five-year average is 55.5% full for this time of year.
• Slovak state gas utility SPP is required to secure 17.8 TWh of gas in storage by Nov. 1 2025, according to a government material cited by Bloomberg.