NATGAS
European gas stocks remain high for the time of year, but injection rates have slowed slightly recently as spot gas prices jumped back over Eur30/MWh (around $10/MMBtu), amid geopolitical risks and competition for LNG according to ICIS.
- The market has been affected by factors including Norwegian outages and concerns over the remaining Russian pipeline deliveries to Europe, after Austria's OMV warned of potential disruption.
- In the global LNG market, China has been importing record amounts of LNG in recent months, with other Asian buyers also adding competition to the global market.
- LNG market outages such as the ongoing one-train outage at Australia’s Gorgon LNG, a recent power failure at Malaysia's key Bintulu plant and reductions earlier this year at US Freeport LNG and more recently across May from one train at US Cameron LNG have added tightness.
- Only the Gorgon outage remains on the above examples, helping to ease supply concerns during the injection season. Austria’s situation remains unclear after limited news.
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