European natural gas market sells off – ING
|The European natural gas market sold off yesterday with TTF settling nearly 3.9% lower on the day, ING's commodity experts Ewa Manthey and Warren Patterson note.
Weakness is overdone given the tighter storage environment
"We believe that the weakness is overdone given the tighter storage environment. Also, European prices need to stay elevated and at a premium to Asia to ensure the region brings in enough LNG through the injection season."
"Previously, the TTF forward curve was at a consistent premium to Japan Korea Marker (JKM) prices for much of the year. This isn’t the case amid weakness in European prices."
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