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NATGAS: Gas Markets Rally As Heat Wave in Asia Boosts Competition

NATGAS

Asia and European gas prices rally with TTF front month to the highest since July 5 amid concern for rising competition for LNG supplies due to a heat wave in northern Asia.  The TTF rally is despite rising Norwegian supply and the return of the US Freeport LNG terminal.

  • Europe is bidding for shipments at a TTF premium, reflecting the increase Asia competition as the region looks to fill storage ahead of winter, according to Bloomberg.
  • Australia’s Ichthys LNG export plant is expected to run at reduced rates after unplanned maintenance last week.
  • GSPC has bought a cargo on DES basis for Sept-Oct delivery and GAIL has issued a tender for a Sept cargo. 
  • India's Torrent Power has issued a 10 year supply tender seeking delivery of six cargoes per year from 2027. South Korea's POSCO International is seeking six cargoes for loading from April 2025 to August 2026 on a FOB basis, or September 2025 to August 2026 on a DES basis. 
    • TTF Aug 24 up 3.5% at 33.62€/MWh
    • JKM Aug 24 up 3.6% at 12.65$/mmbtu
    • JKM-TTF Aug 24 down 0.2$/mmbtu at 1.99$/mmbtu
    • US Natgas Aug 24 down 0% at 2.01$/mmbtu

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