Global gas & LNG weekly summary: 3 Aug 2023
TTF prices probe lower looking to incentivize more demand while the US sees new highs in gas demand for power TTF was down $0.30 in the front of the curve and over $1.00 through winter and Cal 24 as storage inventory levels continue to grow and remain above the 5-year highs. We have now seen TTF prices trade at the bottom of the coal-to-gas switching range for 3 months in a row in order to incentivize more demand. Despite low prices, demand continues to come in below last year’s already low levels. As a result, this week Europe posted the largest weekly injection rate of the summer.