European natural gas prices remain well supported with TTF settling a little more than 1% up on the day at EUR53.79/MWh, ING’s commodity analysts Warren Patterson and Ewa Manthey notes.

Unplanned outages in Norway add to supply concerns

“Concerns over the quicker-than-expected draw in EU storage continue to support the market. EU storage is now a little under 53% full, below the 69% seen at the same stage last year and below the five-year average of 60%. However, the EU met its intermediary target of having storage at least 50% full by 1 February.”

“In addition, some unplanned outages in Norway have only added to supply concerns. However, Russian flows via Turkstream were stronger over January with flows totalling 1.4bcm, up 1.7% MoM and up 26% YoY.”