NATGAS: Gas Summary At European Close: TTF Rises
Apr-30 15:19
TTF has risen off multi-month lows today, amid downward revisions to near-term wind forecasts, and signs of potential disruption to Freeport LNG. Meanwhile, steady LNG imports to Europe and building storage is set against Norwegian supply outages, while the market remains focused on US trade negotiations and progress towards Ukraine peace.
- TTF JUN 25 up 1.4% at 32.41€/MWh
- Freeport LNG suffered a power outage overnight, indicating a potential outage at the facility, Bloomberg reports. Gas flow data is yet to show any impact.
- The TTF Q325-Win25 spread showed its largest winter premium since September at -€1.14/MWh on April 30, helping to incentivize storage injections.
- Europe’s need to refill gas storage will keep the gas market tight and require a rise in LNG supply, Equinor CEO Anders Opedal said, cited by Reuters.
- Norwegian pipeline supplies to Europe are 314mcm/d today, Bloomberg shows. Gassco shows planned capacity reductions of 22.7mcm/d today, rising to 28.2mcm/d tomorrow and reaching 71.2mcm/d on May 3.
- NW European LNG sendout edged up to 239mcm/d on April 28 and roughly in line with the average from the previous week and but above a average of 215mcm/d in the last week of April last year, Bloomberg shows.
- Ukraine will require gas imports for several years due to damage to the country’s gas production infrastructure caused by Russian attacks, DTEK CEO Maxim Timchenko said, cited by Bloomberg.
- Malaysia LNG, a Petronas subsidiary, has restored normal operations at its Bintulu LNG complex after technical issues disrupted production earlier in April, sources told Platts April 30.
- LNG stockpiles held by Japanese utilities fell by 3.3% on the week to April 27 to 2.05m tons, according to data released by the trade ministry cited by Bloomberg.
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TARIFFS: Japan, China, ROK Signal Closer Cooperation Ahead Of US Tariffs
Mar-31 15:16
Reuters reporting, per Chinese state media, that China, Japan, and South Korea have reached “consensus" that the three will "jointly respond to the US tariffs.” All three have lobbied the Trump administration for exceptions from Trump's metals and auto tariffs without success.
- The report notes that Tokyo and Seoul are, “seeking to import semiconductor raw materials from China," and China is "interested in purchasing chip products from Japan, South Korea”.
- Finbarr Bermingham at SCMP cautions that while the joint statement mentions cooperation on export controls and chips, "There's no detail on there about a joint response to Trump's reciprocal tariffs."
- The Korean Economic Daily noted yesterday that a meeting of trade ministers, “marked the first time that the economic ministers of the three countries sat down to discuss policy cooperation since December 2019 in Beijing."
- South Korea’s trade ministry said in a statement: “The three countries agreed to closely cooperate toward a comprehensive and high-level [Free Trade Agreement] among South Korea, Japan and China, as well as on issues related to multilateral trade systems...”
- Although analysts cited by KED “expressed skepticism” and raised “concerns that working with China may not support trade negotiations with the Trump administration” the meeting hints at a dramatically altered Indo-Pacific multilateral outlook in response to Trump's trade agenda.
- The Biden administration identified the trilateral relationship with Tokyo and Seoul as the linchpin of Washington’s China strategy in the region. Chatham House notes that the new Trump administration’s approach “throws doubt on this important US partnership.”
FED: US TSY 13W AUCTION: NON-COMP BIDS $1.956 BLN FROM $76.000 BLN TOTAL
Mar-31 15:15
- US TSY 13W AUCTION: NON-COMP BIDS $1.956 BLN FROM $76.000 BLN TOTAL
FED: US TSY 26W AUCTION: NON-COMP BIDS $1.521 BLN FROM $68.000 BLN TOTAL
Mar-31 15:15
- US TSY 26W AUCTION: NON-COMP BIDS $1.521 BLN FROM $68.000 BLN TOTAL
