Weekly Gas Market Analysis Report
CW 25
- Spot prices are down week-on-week as colder weather allowed for stronger injection into storage despite lower Norwegian flows.
- The TTF forward curve lowered on news of an agreement between the US and Iran to be formally signed on Friday that should re-open the Strait of Hormuz.
- Sum/Win TTF and VTP both narrowed significantlyy since last week.
- Donald Trump announced an end to the US naval blockade of Iran in conjunctions with plans to open the Strait of Hormuz from 19 of June, but uncertainty remains regarding how quickly normal flows through the strait can resume.
- Qatar is beginning to bring some of its liquefied natural gas tankers back to the Middle East, as the major supplier prepares to ramp-up exports once the Strait of Hormuz reopens following a US-Iran deal.
- Quatar is planning to rapidly boost LNG production once the Strait of Hormuz opens, aiming to restore 50% of its capacity in one month and 80% within two months.
- Oil prices dropped 15.8% week on week and continue lowering as Friday approaches.
- Several LNG long term contracts with Qatar, including Eni in Zeebrugge and Edison into Italy, are direcly connected to damaged Quatari trains and so the Force Majour will continue for those contracts independently of a ramp up in other trains in Qatar
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