NATGAS: Mid-Day Gas Summary: TTF Resumes Fall

TTF front month has resumed a decline after a rally yesterday. Mild weather is expected next week, and higher LNG imports are helping to offset unplanned outages reducing pipeline supply from Norway.

• TTF JAN 25 down 1.7% at 44.8€/MWh
• Forecasts are still showing cold temperatures this week giving way to milder and windier conditions arriving over the weekend and into next week.
• European LNG sendout rose back up to 392mcm/d on Dec. 9 after the weekend dip, according to Bloomberg.
• Norwegian pipeline supplies to Europe are down to 326.6mcm/d today, according to Bloomberg. Gassco shows an unplanned capacity reduction at Asgard of 11.6mcm/d due to compressor failure extended until Dec. 16 while Kollsnes also shows a compressor failure reducing available capacity by 6mcm/d until Dec. 12.
• European gas storage is down to 81.54% full on Dec. 9, according to GIE, compared to the previous five-year average of 83.55% while withdrawals have rebounded near to normal.
• The Dutch government is considering extending the life of the Floating LNG import terminal in Eemshaven beyond 2027, according to network operator Gasunie, cited by Bloomberg.
• LNG stockpiles held by Japanese utilities rose 11.6% w/w on Dec. 8 to 2.11m tons, according to data released by the trade ministry cited by Bloomberg.
• Russia’s Yamal LNG plant has deployed the LNG tanker Axios II for STS operations in the Barents Sea, according to Reuters.
• Azerbaijan gas exports to Europe rose to 11.7bcm in Jan-Nov 2024 from 10.9bcm in the same period last year, according to Energy Ministry data.
• MNI Gas Weekly: Winter Supply Scares Subsiding: https://media.marketnews.com/MNI_Gas_Weekly_Winter_Supply_Scares_Subsiding_be6686287c.pdf?utm_source=email&utm_medium=email&utm_campaign=20241211