Commodity Market Report
Global gas & LNG weekly summary: 30 May 2024
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
June TTF prices continued to make gains at the start of the week but fell to $10.7/mmbtu after failing to find support above $11. Concern regarding disruptions to Austrian gas supply from Russia still weighs, adding risk premium. The spread widens between June TTF prices and NE Asian DES, which are holding around a dollar. The spread is incentivising cross-basin flows to Asia, suggesting strong regional Asian demand. Despite the price rise, Europe remains well-supplied, with underground storage at 69%, which is in line with 2023 levels. The balance has been flat week-on-week. France, Spain, and Italy have driven send-outs. Given low UK demand, pipeline imports will likely keep BBL interconnectors pointing towards Europe.
Table of contents
- >> The full report is available as a PDF in the Download section
- Increases in downside supply risk in Europe amid uncertainty of Russian gas supplies to Austria, while Asian demand continues to incentivise cross-basin flows
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Extract examples of the PDF report
- >> The full report is available as a PDF in the Download section
Tables and charts
This report includes the following images and tables:
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Weekly European gas fundamentalsWeekly floating LNG storage and trade routes
What's included
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