NATGAS: Mid-Day Gas Summary: TTF Steady

TTF front month is relatively steady today and on track for a small net gain on the week supported by the delayed return of Russian supplies and reports that the EC is seeking an earlier phase out of Russian LNG. 

• TTF OCT 25 down 0.3% at 32.85€/MWh
• The EU’s 19th sanctions package has been adopted by the EC. EC President Von der Leyen is expected to make a statement today with the details.
• The EC will reportedly include a provision in its new sanctions package that would phase out imports of all Russian LNG one year earlier than previously planned.
• TTF prices are expected to averaged $12.2/MMBtu this year on stronger demand, before dipping next year and falling further in the long-term, Bernstein said in a note cited by Bloomberg.
• Norwegian pipeline supplies to Europe are up to 246.8mcm/d today, Bloomberg shows. Gassco shows lower capacity at Kollsnes than expected with an unplanned 40mcm/d reduction due to delayed start up. External power supply issues at Troll and Kollsnes are also expected until mid Oct. Total planned and unplanned outages are 117.05mcm/d today falling to 74.1mcm/d tomorrow and to 37.6mcm/d by Sep. 25.
• NW European LNG sendout is estimated at 153mcm/d on Sep. 17 compared to an average of 200mcm/d so far this month, Bloomberg shows.
• European gas storage has risen to 81.09% full on Sep. 17 compared to the previous five-year average of 87.6% full, according to GIE.
• Iraq’s attempt to ease its chronic power shortage with gas from Turkmenistan routed through Iran has failed under US pressure, Reuters reports.
• The LNG Canada project has delayed loading for several scheduled shipments due to a production issues, sources told Bloomberg.