Global gas & LNG weekly summary: 7 Dec 2023 Report

Commodity Market Report 07 December 2023

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Report summary

Supply weighs on prices even as cold snap feeds heating demand in Europe This week, the January TTF price hit its lowest since October, dropping to $12.5, following a decline from its $15 peak in early November. Warmer temperatures are reducing support for the winter risk premium. The Q1 premium to April has reduced, notably in January and February, now less than 20 ₵. Despite NE Asian DES slightly decreasing from $16.7 last week to $15.5, it still maintained a $3 premium to TTF as these warmer than normal temperatures weigh more heavily on the continent with European storage still above the 5-year range.