Commodity Market Report
LNG short-term outlook: November 2024
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Report summary
European TTF prices surged +20% in November. Gas storage provided flexibility to meet increasing gas demand, taking a 10% hit since peaking in late October. The rally on the prompt has lifted prices for 2025. The market is exposed to risks of further cold snaps, with restocking requirements already greater than initially anticipated. Ukraine transit volume uncertainties remain high. In this update, we investigate alternative entry points across Europe. The Asia-Europe spread remained depressed, turning negative for some days, due to a lack of Asian demand and despite recent supply outages in the Pacific.
Table of contents
- European gas prices surge with the market tightening further in 2025
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