Commodity Market Report
Europe gas and power markets short-term outlook Q2 2023
Report summary
TTF prices have crashed to US$8/mmbtu, supported by a high storage fill and weak demand response. But contango prices for winter 2023 and the rest of 2024 still feature the risk of a cold winter and market tightness as Europe and Asia compete for limited LNG supply. Under normal weather conditions, Europe will end winter 2023 with storage levels at 39%. With higher injections required in the summer of 2024 to reach the EU 90% target levels, prices in 2024 will need to sit in the high band of the coal-to-gas switching range and close to oil parity to subdue gas demand. Furthermore, the expiration of the Ukraine transit contract at the end of 2024 will reduce Russian supply even more, which may put the EU storage target at risk in 2025.
Table of contents
- The main report is in a slidepack format with an enhanced data pack download covering the full European gas balance
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Europe gas and power markets short-term outlook Q3 2023
Lower gas-to-power demand supports record storage levels in Europe at the end of summer
$5,000
Commodity Market Report
Southern Cone gas and power short-term outlook: September 2023
Monthly report analysing the gas and power fundamentals and prices in Argentina, Brazil, Chile and Bolivia until December 2024.
$2,000
Insight
China gas and power in brief
Live updates and insight into China gas and power markets.
$950
