NATURAL GAS: Gas Summary: TTF Trades Higher
Aug-02 11:46By: Felicia Grosse
US+ 1
TTF is trading higher today after swinging between about 27€/MWh and 30.5€/MWh yesterday with support from a dip in Norwegian supplies offsetting high storage and low demand.
- TTF SEP 23 up 3.5% at 28.08€/MWh
- NBP SEP 23 up 3.1% at 70.03p/th
- Norwegian pipeline supplies to Europe are similar to yesterday at 314.5mcm/d with additional “corrective maintenance” at Troll yesterday extended by a day and with an uncertain duration.
- Total European gas in store was up above the five-year range at 85.79% full on 30 July compared to the five year average of 70.7%.
- LNG sendout to Europe averaged around 300mcm/d in the last few days of July compared to an average of around 333mcm/d for the whole month and an average of 372mcm/d in July last year.
- LNG exports from the US jumped 9% on the month in July, as operations resumed following planned maintenance.
- Overall LNG supply was down in July largely due to maintenance and more LNG on the water with a drop in both major importing regions of Europe and Asia.
- Chinese consumption of LNG hit 3.01m mt in July, a 3% rise on the month, according to OilChem.
- US LNG exports are currently more profitable to Asia in September and October, to Europe in November. The gas price spread between Asia and Europe is $2.19/MMBtu in September.
- JKM-TTF Sep 23 down -0.2$/mmbtu at 1.89$/mmbtu
