Global gas & LNG weekly summary: 22 August 2024

September TTF prices settled at approximately $12.1/mmbtu as concerns over Russian gas flows via Ukraine have eased. The November-October spread has widened to over $1, creating an opportunity to delay deliveries by a few weeks to benefit from the higher pricing. TTF continues to trade at a discount to Northeast Asian DES, while European underground storage has now met its 90% target, alleviating some supply pressures more than two months ahead of the European Union’s 1 November deadline. Meanwhile, Northwest Europe LNG arrivals have remained relatively low throughout the summer, averaging 40 mcmd compared to last year's 50 mcmd, and Norwegian flows are expected to decrease further in September due to significant maintenance by Gassco.