VIDEO: EU gas outlook for week 39

Jake Stones

22-Sep-2020

  • Tropical Storm Beta will be heaviest across Monday and Tuesday, bringing large levels of rainfall to the US Gulf Coast. The storm appears to be less intense than Hurricane Laura, with no LNG terminal shutdowns expected. Vessels could be delayed by a few days.
  • Norwegian maintenance will ramp up to its peak for the gas summer, with 114mcm of capacity offline on Wednesday and then 96mcm offline on Thursday-Friday. The reduced supply should lend support to prompt contracts.
  • In Britain, temperatures could drop to 4°C below seasonal norms, increasing heating demand for gas. Wind outturn has been revised down from 10GW across Wednesday-Friday to around 6.7GW, increasing gas-fired power demand.
  • Carbon volatility is likely to impact the front-month and near curve across the continent this week, with Monday’s trade recording a drop of around 5%.

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