Commodity Market Report
LNG short-term outlook: March 2024
Report summary
TTF prices have increased almost +20% since our last update. This is largely linked to the strengthening in coal and carbon prices due to additional sanctions on Russian coal production, some disruptions, emerging demand in the Mediterranean and opportunistic buying. As a result, the European coal-to-gas switching range shifted up +$1.5/mmbtu – supporting gains at TTF which still trades at the bottom of the switching range to incentivise gas demand. Asian LNG prices moved upwards with European markers, but also with additional procurement. Their premium to Europe LNG prices remained around $1/mmbtu, supporting longer routes on efficient ships at the margin.
Table of contents
- Commodity prices soared this month, but the market remains well supplied
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- Updated: 28 March 2024
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