Commodity Market Report
Europe gas and power markets short-term outlook Q2 2020
Report summary
Market conditions in the European gas market have continued to deteriorate. All of Europe's major piped suppliers are suffering from the lack of market space and record low hub prices. Little respite will be found through this summer but growing numbers of US LNG cargo cancellations will help to bring balance as already record levels of gas in store approach maximum levels. The fall in oil prices has so far had minimal impact on European gas dynamics. But as Henry Hub prices rise due to the fall in associated gas production, the competitiveness of US LNG into Europe will weaken through 2021. If Nord Stream 2 starts up in Q1 2021 as expected, might Gazprom be emboldened to increase flows to Europe at the expense of US LNG offtakers?
Table of contents
- European gas prices struggle to find a floor
- NEW! The main report is in a slidepack format with an enhanced data pack download covering the full European gas balance
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