Global gas & LNG weekly summary: 2 Feb 2023 Report

Commodity Market Report 02 February 2023

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Report summary

TTF retook the premium from Northeast Asia down the entirety of the 2023 forward curve as the more profitable destination for a U.S. cargo. It was a warm week in Asia, whereas it was cold in Europe, though weekly European demand remained 189 mcm/d less than the previous 5-year average of 2.118 bcm/d. TTF’s front-month contract rose to $18.8, up from $18 a week ago, whereas Northeast Asia prices decreased from $18.5 to $18.3.

Prices struggle to find a floor, as demand remains below-average and market keeps trying to balance itself. Freeport LNG progresses towards imminent start-up.
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