Commodity Market Report
LNG short-term trade and price outlook (Q3 2024)
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Report summary
European TTF prices have rallied in August with geopolitical tensions increasing disruptions risks (transit volumes at Sudzha, escalation of the conflict in the Middle East creating some risks at Hormuz and in the East-Med). NW European LNG imports remained weak, with many cargoes sailing from/to Asia. Low utilisation of European regas terminals has kept the discount of Northwest European LNG DES prices versus TTF largely below the cost of primary regas capacity. Asian LNG DES prices have reduced their premium to around $1/mmbtu and trade around the oil parity level.
Table of contents
- Supply disruption risks push prices higher, despite comfortable stock levels
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