JPMC Utilities Daily 24 September: European Natural Gas, Global LNG Analyzer, FORTUM

This is J.P. Morgan's European Utilities & Clean Energy daily, covering three sector headlines: European natural gas, global LNG, and Fortum. On European gas demand and storage, total natural gas demand in NWE+UK averaged 312 Mcm/day for the week of September 14-20, 4% lower WoW and 5% lower YoY, largely driven by lower non-residential use (-7% WoW). Month-to-date in September, demand averages 310 Mcm/day, 5% lower YoY on warmer weather (an estimated 70 HDDs this month vs 130 HDDs last September). As of September 21, storage in NWE+UK was 62.6% full (31 Bcm), versus 75% last year and the 2022-25 average of 88%. On global LNG, the QatarEnergy CEO confirmed current LNG output is "very minute", with our estimated utilization around 20%;