Global gas & LNG weekly summary: 7 Sep 2023
TTF contango steepens as oversupply outweighs production drop and upcoming Australian strikes As of 6 Sep, NE Asia posted increases along the curve while TTF posted notable decreases along the curve, especially in the front. Oct decreased the most by 21%, which resulted in a steepening of the Oct/Nov and Oct/Dec contango. TTF’s decreases over the past couple weeks highlight that Europe’s oversupplied market is outweighing the risk from Australian strikes and the recent week-on-week tightening from NCS maintenance. Originally scheduled to start 7 Sep, strikes at Gorgon and Wheatstone were delayed to begin 8 Sep. Currently, the plan is for rolling strikes to occur over the next few weeks.