Commodity Market Report

Global gas & LNG weekly summary: 30 May 2024

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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
    • >> The full report is available as a PDF in the Download section

Tables and charts

This report includes 2 images and tables including:

  • Weekly European gas fundamentals
  • Weekly floating LNG storage and trade routes

What's included

This report contains:

  • Document

    Global Gas & LNG Executive Summary 20240529.pdf

    PDF 683.61 KB