Commodity Market Report

Europe gas prices long-term outlook H1 2018

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10 August 2018

Europe gas prices long-term outlook H1 2018

Report summary

Our latest H1 2018 outlook for European gas prices across key hubs. European gas prices covered are: TTF (Netherlands), NBP (UK), Zeebrugge (Belgium), PEG (France), GasPool (Germany) and PSV (Italy). Data is accessible through the Excel file in the downloads section. Fundamentals have tightened enough to counteract the prospect of an oversupplied market but Europe will still absorb substantial volumes of LNG between 2019 and 2021. The outlook for TTF softens from US$7.7/mmbtu in 2018 down to an average US$6.2/mmbtu as the market rebalances. With the Dutch TTF firmly established as the primary European gas price benchmark, differentials across Europe enter a period of transition. The UK grows its position as a gateway for LNG into Europe; France and Germany move to single gas market zones; indigenous production continues to decline; and increasing levels of Russian gas enter via new routes.

Table of contents

  • Navigation Table - European long-term gas & power
  • Executive summary
    • Europe gas price outlook
    • Europe gas price differentials
    • NBP-TTF
    • ZEE-TTF
    • PEG-TTF
    • PSV-TTF
    • Hub development
    • Gas contracting trends

Tables and charts

This report includes 11 images and tables including:

  • Navigation Table - European long-term gas & power: Table 1
  • Global gas price forecast
  • Europe gas price hubs
  • NBP-TTF seasonal and annual differential
  • ZEE-TTF annual differential
  • PEG-TTF annual differential
  • GASPOOL-TTF annual differential
  • PSV-TTF annual differential
  • Total traded volumes
  • Average churn rates
  • Price formation of gas into Europe 2005-2017

What's included

This report contains:

  • Document

    Europe gas prices H1 2018.xlsx

    XLSX 266.00 KB

  • Document

    Europe gas prices long-term outlook H1 2018

    PDF 1.46 MB

  • Document

    Europe gas prices long-term outlook H1 2018

    ZIP 1.59 MB

  • Document

    Executive summary

    PDF 693.99 KB

  • Document


    PDF 1.45 MB

  • Document

    Navigation Table - European long-term gas & power

    PDF 693.94 KB

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