NATURAL GAS: TTF Near High Amid Norway Work Delays as Chevron Strikes Ramp Up

TTF front month is edging higher to the high of the month so far of 38€/MWh from yesterday with Norwegian pipeline supplies still curtailed due to maintenance and as strike action at Chevron facilities in Australia escalates today.

• TTF OCT 23 up 1.2% at 37.26€/MWh
• TTF WIN 23 up 1.1% at 49.3€/MWh
• TTF SUM 24 up 0.5% at 51.7€/MWh
• Workers could commence rolling 24 hour stoppages from 6am Perth time on Thursday potentially limiting activities including mooring and loading of tankers, laboratory analysis and equipment restarts. LNG export have yet to be affected but ICIS forecast has cut the output entirely from Chevron’s two facilities for the later two weeks of September resulting in 0.7mT loss at Gorgon and 0.44mT at Wheatstone.
• Norwegian pipeline supplies to Europe are today at 146.2mcm/d with Troll now expected to restart on Friday after further delays and with a slower ramp up then previously expected.
• LNG sendout to Europe recovered back to 320mcm/d on 12 Sep after falling to 263mcm/d on 10 Sep.
• European natural gas storage continues to edge higher amid slow injection rates up to 93.86% full on a 12 Sep according to GIE data compared to the five year average for this time of year of 83.8%.
• Temperatures across Europe are expected to hold above normal throughout the two week forecast period until the end of the month.
• Gas transit flows through Ukraine are at 42.4mcm/d today and Algeria gas flow to Italy at Mazara have recovered slightly back up to 62.1mcm/d.