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Global Gas Markets Follow TTF Lower


Global gas prices are following the pull back in European TTF gas with EU members suggesting easing tensions related to the gas balance for winter. Upside risks remain due to uncertainty over future Russian gas supplies.

  • Spreads should still encourage LNG cargoes to Europe ahead of Asia despite the fall in TTF. The estimated US LNG netback to Europe is down from about 78$/mmbtu to 59.5$/mmbtu compared to a netback to Asia of 46.85$/mmbtu.
    • TTF OCT 22 down -5.8% at 226€/MWh
    • NBP OCT 22 down -6.1% at 431.05p/th
    • JKM Oct 22 down -0.8% at 58.26$/mmbtu
    • JKM-TTF Oct 22 down -1$/mmbtu at -9.45$/mmbtu
    • US Natgas OCT 22 down -1% at 9.03$/mmbtu

Source: Bloomberg

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