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European Gas Market in Tension: Total CEO

NATURAL GAS

The European natural gas market is tight, and any incident could cause a price rise, Total CEO Patrick Pouyanne said at a teleconference reported by TASS.

  • "You know it’s very volatile, it’s clear, the market is in tension. There is no margin in this market," the Pouyanne said.
  • "Yes, the storages are full, but we don’t have enough storage in Europe for the winter, if the winter is cold. Any event in these conditions is putting the price up," he added.
  • Pouyanne also said that Asian buyers are returning to the market with the JKM price now around a $2-$3/MMBtu premium over TTF. As a result, most of the spot cargoes will head to Asia, he said.
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