NATGAS: TTF Flat On Friday but Higher for Fourth Straight Week
European gas is flat on Friday following volatility on Thursday as the market assesses outages and maintenance outlooks. TTF is up on a weekly basis for a fourth straight week.
- TTF JUN 25 up 0.2% at 36.45€/MWh
- Supply risks remain in focus with storage injection rates below normal amid a drop in NW Europe LNG imports and Malaysian LNG maintenance.
- Norwegian nominated flows to the UK and Northwest Europe terminals at 285.80 mcm/d vs 5-day moving avg 259.54 mcm/d according to Gassco.
- LNG flows to Northwest Europe on May 21 were 210.76 mcm/d, 8.2% lower than the 30-day average.
- European gas storage was 45% full on May 21 vs the 5-yr seasonal norm of 56% for this time of year according to GIE.
- Capacity restrictions continue at Norway’s giant Troll field due to an external power supply failure, according to network manager Gassco.
- Over the weekend, maintenance is scheduled at Norway’s Nyhamna plant and the Aasta Hansteen field.
- Egypt is in talks to buy 40-60 LNG cargoes this year amid a worsening energy crunch, sources told Reuters – adding pressure on European buyers.
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EGB SYNDICATION: Austria Triple Tranche Tap: Guidance
2.50% Oct-29 RAGB (ISIN: AT0000A3EPP2)
- Guidance: EUR Benchmark Tap MS+20 Area
3.20% Jul-39 RAGB (ISIN: AT0000A3D3Q8)
- Guidance: EUR Benchmark Tap MS+67 Area
3.15% Oct-53 RAGB (ISIN: AT0000A33SK7)
- Guidance: EUR Benchmark Tap MS+98 Area
For all:
- Settlement: April 30, 2025
- Bookrunners: Barclays (B&D), Citi, DB, GS, JPM, RBI
- Timing: May price today
(Details as per BBG)
SILVER TECHS: Short-Term Trend Set-Up Remains Bullish
- RES 4: $36.000 - Round number resistance
- RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 2: $34.590 - High Mar 28
- RES 1: $33.117/151 - 76.4% of Mar 28 - Apr 7 bear leg / High Apr 22
- PRICE: $32.787 @ 08:07 BST Apr 23
- SUP 1: $30.577/28.351 - Low Apr 10 / 7 and the bear trigger
- SUP 2: $27.686 - Low Sep 6 ‘24
- SUP 3: $27.180 - Low Aug 14 ‘24
- SUP 4: $26.451 - Low Aug 8 ‘24 and a key support
Silver is in consolidation mode and holding on to the bulk of its recent gains. The latest recovery undermines a bearish theme. Price has traded through an important resistance around the 50-day EMA - at $32.278. The break higher signals scope for a test of $33.117, a Fibonacci retracement. It has been pierced, clearance of this level would strengthen a bullish condition. On the downside, initial firm support to watch lies at $30.577, the Apr 10 low.
EURIBOR OPTIONS: Longer Dated put spread
ERH6 98.43/98.12ps 1x2, bought the 1 for 2.25 in 3k.
