VIDEO: European Gas Outlook: Week 32

LONDON (ICIS)–Market reporter Jake Stones provides an overview of the key price drivers for European gas markets over the next seven days:

• Support for the Dutch TTF prompt as low wind will bolster demand for gas-fired power generation, paired with high temperatures also adding to power demand. A cargo to Gate on Monday could balance the increased demand situation with additional supply.
• Spanish operator Enagas will possibly release its auction results for LNG cargo slots at Spain’s six LNG terminals up to 2035. Enagas offered 1720 slots, however market participants requested 2985. ICIS has heard from market sources that there’s been a great deal of interest in the next two years.
• In Britain, reduced export capacity on IUK’s Interconnector pipeline will pressure the British system with additional supply, as bookings fall from 17mcm/day to just 5mcm/day. Cancelled Norwegian maintenance at the Asgard field could also result in higher flows via the Langeled pipeline. Increased supply could be balanced by low wind generation, which is expected to average 4.1GW across the week.