NATGAS: Gas Summary at European Close: TTF Finds Support
May-29 15:54
Front month TTF has regained ground during the European afternoon, although remains within this week’s range. Higher Norwegian flows and strong seasonal gas storage levels are weighed against lower LNG imports and risks to Austrian gas supplies from Russia.
- TTF JUN 24 up 1% at 33.89€/MWh
- TTF Q3 24 up 0.9% at 34.65€/MWh
- Norwegian nominated flows to the UK and Northwest Europe terminals at 287.90 mcm/d vs 5-day moving avg 280.32 mcm/d according to Gassco.
- European gas storage was 69% full on May 27 vs the 5-yr seasonal norm of 56% for this time of year according to GIE.
- European natural gas demand fell to 256TWh in April, down from 278.3TWh in April last year and below the 2019-2021 average of 320.7TWh, Bruegel data showed.
- LNG flows to Northwest Europe on May 27 were 144.04 mcm/d, 98% lower than the 30 day average. US liquefied natural gas exports are currently more profitable to Asia in July, August and September.
- Austria, the Czech Republic, Hungary and Slovakia have stepped up pressure on Brussels to push back against Germany over a gas tariff they say goes against European energy security measures.
- Russia could cope with an EU LNG import ban while it would lead to higher prices for the region according to Russian foreign ministry official Dmitry Birichevsky based on RIA reports.
- Argentina is scrambling to secure natural gas supplies ahead of Southern Hemisphere winter, as lower temperatures drive up demand, Bloomberg said.
- MNI Gas Market Weekly: Full piece here:
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LOOK AHEAD: Tuesday Data Calendar
Apr-29 15:46
- US Data/Speaker Calendar (prior, estimate)
- Apr-30 0830 Employment Cost Index (0.9%, 1.0%)
- Apr-30 0900 FHFA House Price Index MoM (-0.1%, 0.1%)
- Apr-30 0900 S&P CoreLogic CS 20-City MoM SA (0.14%, 0.10%)
- Apr-30 0945 MNI Chicago PMI (41.4, 45.0)
- Apr-30 1000 Conf. Board Consumer Confidence (104.7, 104.0)
- Apr-30 1000 Conf. Board Present Situation (151.0, --)
- Apr-30 1000 Conf. Board Expectations (73.8, --)
- Apr-30 1000 Dallas Fed Services Activity (-5.5, --)
- Apr-30 1000 Day one of two FOMC policy meeting
- Apr-30 1130 US Tsy $65B 42 Day CMB auction
PIPELINE: $10B Boeing 6Pt Debt Launched
Apr-29 15:44
- Date $MM Issuer (Priced *, Launch #)
- 4/29 $10B #Boeing $1B 3Y +145, $1.5B 5Y +165, $1B 7Y +175, $2.5B 10Y +190, $2.5B 30Y +210, $1.5B 40Y +225
- 4/29 $Benchmark Kookmin Bank 3Y +85a, 5Y +95a
- 4/29 $Benchmark Antofagasta 10Y +200a
- 4/29 $Benchmark DTE Energy 10Y +155a
- 4/29 $Benchmark ADQ (Abu Dhabi Development Co) 5Y, 10Y investor calls
GBP: Sterling Rises to Session Highs, EURGBP Approachs Support
Apr-29 15:43
- Monitoring cable through fresh session highs in recent trade, with GBPUSD now up close to half a percent on the session above 1.2550, joining the likes of AUD and NZD as solid performers to start the week.
- Despite the trend condition in GBPUSD remaining bearish, a corrective cycle continues to play out, which is allowing an oversold condition to unwind. Price action has narrowed the gap to resistance at 1.2580, the 50-day EMA.
- Similarly for the cross, EURGBP’s extension lower undermines a recent bullish theme and instead highlights potential for a deeper retracement. Clearance of 0.8521, the Apr 17 low, would signal scope for a move towards the key cluster of support between 0.8498/93 (Aug 23 2023 low).
- It is a light calendar week in the UK with only the BRC shop price, BOE money & credit data and final prints of both the manufacturing and services PMIs due. There are also no MPC members scheduled to speak ahead of the May 09 policy decision and publication of the MPR / Minutes.
