Milder temperatures in Europe, high LNG inventories in China and steady LNG supply to weigh on global gas prices next week

Market & Trading Calls

European TTF price outlook: Bearish as lower-than-average forecasted temperatures across most of the continent and slightly increased pipeline imports are expected to extend loose fundamentals into next week. The ongoing EU-US trade negotiations pose a risk to this price call with the looming 1 August deadline for potential US tariff increase on EU goods.

Asian LNG Price Outlook: Bearish as robust Chinese LNG inventories, a mild weather outlook in South Korea, and steady Pacific supply week-on-week continue to outweigh modest demand gains, reinforcing downward pressure on prices.

Asian LNG – TTF spread outlook: Stable as both indices are expected to fall in tandem. The spread widened to $0.7/MMBtu on 23 July from $0.57/MMBtu on 16 July.  

US Henry Hub price outlook: Bearish as a cooler start to August and higher gas production put significant downward pressure on prices.

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