TTF prices dropped by 20% this morning to below €30/MWh amidst news that Australian LNG strikes probably won’t go ahead as an agreement was find with the Unions at NWS LNG.
This is great news, and the reaction of TTF to Australian news highlights once again that we are living in an increasingly globalised gas market: while TTF does not receive a single molecule of Aussie gas, the strikes would have impacted the global LNG balance and could have shifted LNG cargoes away from Europe.
TTF is set to become increasingly sensitive to the global LNG market, as LNG is now effectively acting as a baseload supply for the European market.
What is your view? How will markets evolve? Negotiations are still ongoing at Gorgon and Wheatstone…. could we see further drops in prices? EU storage is now well-over 90%…
Source: Greg MOLNAR
