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European Gas Retreats as Optimism of Surviving Winter Grows

NATURAL GAS

European gas prices have retreated today, reversing much of the recent gains on high European gas storage levels and signs that European demand has cut significantly enough to mitigate against shortages this winter. Europe is also benefiting from warm weather conditions, limiting heating demand.

• Ursula von der Leyen said earlier in the week that European gas demand had fallen by the required level of 15%.

• Europe is also benefiting from an influx in LNG cargoes which are causing a backlog to try and offload in Spain currently.

• A force majeure declaration by Nigeria LNG earlier this week appears to have had a limited impact on loadings so far. Portugal is the biggest recipient of those cargoes.

• European storage is up to 93.65% full as at Oct 18 with Germany at 96.49%, Italy at 94.27%, France at 99.26% and Netherlands at 92.68%.

• TTF NOV 22 down -7.8% at 117.2€/MWh

Energy BulletsCommodities
Energy BulletsCommodities

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