European Gas Sinks as November Weather Forecast Amplifies Glut

31 October 2019

European gas for November and December delivery lost a major pillar of support after dropping by 19% and 10% respectively in response to mild weather forecasts, full storage, rising shipping rates and collapsing Asian spot prices.

November gas at the Netherlands Title Transfer Facility (TTF) fell 19% to $4.35/MMBtu and December hit $5.20/MMBtu. Weakness in Europe accelerated the slide in Asian spot LNG prices, which, having risen to a high of $7/MMBtu in mid-October, fell to high-$5s to low low-$6s for December delivery cargoes.

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