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Spot gas prices in Europe and Asia have risen towards parity with oil due to the renewed European pipeline supply concerns and strong demand from buyers such as Egypt, according to ICIS.
- The upside pressure from European supply risks has also tightened the Asia-Europe spread. US netbacks for October however still favours Asia at $11.33/mmbtu over Europe at $10.14/mmbtu, according to BNEF.
- Delays to some new supply in the near term, for example the US Golden Pass project, are supporting forward prices into 2026, ICIS said.
- The current forward curve shows a similar shape to three months ago although higher due to the short term risks. The curve still drops into 2026/2027 on expected new supply from the Americas and Qatar.
Source: ICIS
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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