Commodity Market Report

Europe gas and power markets short-term outlook Q3 2022

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The exponential gas price growth witnessed in 2022 so far has hampered gas demand across Europe. And as winter approaches, gas demand will remain subdued with heating expected to reduce the most as sky rocketing energy bills will influence households’ behaviour. We anticipate Europe will reach 86% storage levels by 1-November 2022. And new LNG infrastructure will accommodate record levels of LNG in Europe next summer, comfortably refilling storage levels ahead of winter 2023/24. But cold weather dynamics and further Russian supply disruptions provide considerable risk this winter and Europe’s ability to refill storage next year. Read this report to understand: • How much further will European gas demand decline in a high-price environment? • How does Europe refill gas storage levels next summer, and beyond? • How much LNG will Europe import in the next two years? • What is the outlook for prices at TTF in the next 2 years? • Will NBP continue to trade at discount to TTF?

Table of contents

  • The main report is in a slidepack format with an enhanced data pack download covering the full European gas balance

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    Europe Gas And Power Markets Short Term Outlook Q3 2022.pdf

    PDF 1.57 MB

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    Europe Gas And Power Markets Short Term Outlook Q3 2022.xlsx

    XLSX 3.80 MB