Q2 saw a continuation of the European gas price rally that began in late February and lasted until early June, when prices stabilised. The monthly average TTF front-month price rose from 8.14 USD/MMBtu in February to 10.12 USD/MMBtu in May and 10.87 USD/MMBtu in June. This price rally and stabilisation occurred despite higher European production and pipeline imports, lower net storage injections, lower consumption, and lower import and sendout of LNG, which acted as the balancing element. However, this decline in LNG sendout was only sufficient to bring the volume of sendout in Q2 2024 (28 Bcm) back to the […]
