Global gas & LNG weekly summary: 11 May 2023
NE Asia winter prices strengthen, but a global gas oversupply for the summer still lingers Contango deepened yet again this week for both TTF and NE Asia but more so for NE Asia. With NE Asia winter months up ~17% vs last week, the premium has switched to NE Asia for Dec with Nov close to switching, as well. Henry Hub refuses to budge, staying flat week-on-week. US balances appear to be shifting back to a state of significant oversupply, waiting for a materialization of lower prices to help correct the market. Europe also remains oversupplied, with the decline in demand outpacing decreases in supply and with storage still sitting at the top of the 5-yr range.