LNG short-term outlook: July 2023
Amid weak demand and resumed supply from Norway, price in Europe plunged to below $ 10 / mn Btu in mid-July before rallying back to near $ 10 / mm Btu. However, market sentiment for this winter is bearish as inventories in Europe and key NW Europe remain high. TTF prices might exhibit a large discount to Asian prices when Europe touches maximum inventory levels earlier than seasonal norms and push Atlantic cargos to the Pacific. Therefore, price softening is expected going into the winter.