Europe gas and power markets short-term outlook Q1 2021 Report

Commodity Market Report 26 February 2021

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

The price recovery which began in August has held, putting the very worst of the oversupply behind the global gas and LNG market. LNG supply reductions and a strong rebound from Asian buyers have supported recovery, but the price sensitive power sector limits European gas demand. Summer prices will need to drop below the forward curve to incentivise additional coal-to-gas switching - required to absorb LNG. But thanks to significant rises in coal and carbon prices, TTF will hold through the summer.

Global LNG market tightening rebalances Europe – at least until summer
The main report is in a slidepack format with an enhanced data pack download covering the full European gas balance