Europe Prepared for Higher Gas Demand this Winter: EEX

Europe is prepared for higher gas demand this winter noting that storage is full and demand behaviour has changed according to chief operating officer at EEX.

• Recent price volatility is a reflection of the more interconnected global gas market with European sensitivity to any sudden changes in global LNG supply which could delay or divert shipments away from Europe according to Steffen Koehler.
• The risk that the Israel-Hamas war could ensnare some large LNG exporters in the wider Middle East is behind the rise of more than 10% in gas prices in Europe and Asia in October. The war is the third crisis to the gas market following Russia’s invasion of Ukraine and the Covid pandemic, Koehler said.
• The TTF Dec23 contract is today holding on the earlier losses after intraday trading yesterday saw a fall to the lowest since 17 Oct at 50.45€/MWh.
  • TTF DEC 23 down -3.6% at 51.15€/MWh
  • TTF Q1 24 down -3.3% at 53.1€/MWh
  • TTF SUM 24 down -3.4% at 50.83€/MWh
  • TTF WIN 24 down -2.6% at 54.23€/MWh