Commodity Market Report
Europe gas and power markets short-term outlook Q4 2019
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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
European gas prices have been on a downward trajectory since October 2018 – with TTF hitting an all-time monthly low of US$3.1/mmbtu in September 2019. Assuming no disruption to Ukraine transit, the prospects for price upside over the next two years are extremely limited. Europe held a record 101 bcm of gas in storage at the end of October, more than 98% full. Market uncertainty on Ukraine transit from 1 January 2020 remained the main driver in supporting injections. LNG flows available to Europe will be accommodated in 2020 and 2021 but prices – and piped suppliers – will suffer. Further LNG import growth will push prices down as low as $3.3/mmbtu in summer 2020.
Table of contents
- Europe’s gas market enters second year of oversupply – with little sign of recovery
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NEW! The main report is now in a slidepack format – access through report downloads
- Pipeline flows
Tables and charts
This report includes the following images and tables:
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Gas pricesKey market dataEurope gas supplies (excl. storage)
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Europe monthly storage inventory changesRussia gas flows to EuropeNorway gas flows to EuropeAlgeria gas flows to Europe
What's included
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