Natural gas: European prices stay elevated – ING
ING’s Warren Patterson and Ewa Manthey report that European Natural Gas prices at TTF remain well above EUR80/MWh as Middle East tensions curb hopes for increased LNG flows from the Persian Gulf.
ING analysts Warren Patterson and Ewa Manthey reveal that European natural gas prices on the TTF market are still significantly above EUR80 per MWh. Tensions in the Middle East are causing doubts about a surge in LNG deliveries from the Persian Gulf. Tight global LNG supplies, low EU storage levels of around 68%, and difficulties in acquiring spot gas shipments have made it difficult for Europe to meet its 75% storage goal before winter.
Despite European gas storage being about 68% full, which is below the 5-year average of 84%, the JKM-TTF spread suggests Europe should be importing spot gas. However, this region is still unlikely to reach its lower storage target of 75% before winter. USD/JPY is moving higher toward 155.00, while AUD/USD remains under pressure near 0.7150.
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