Mixed signals for the European Gas market – Commerzbank
According to customs data, China imported around 7% less Gas last month compared to August, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.
China’s Gas imports rebound, but remain below 2024 levels
"This brings total Gas imports for the year to approximately 6% below last year’s level. At one point, the year-on-year deficit was as high as 10%, so demand has at least partially recovered. Since April, this recovery has been partly due to increased LNG imports."
"If this trend continues, it could push Gas prices higher in the European market, as the EU's LNG import needs are also expected to rise with the onset of the heating season. Recently, however, the European benchmark price (TTF) has dropped slightly after temporarily climbing to around EUR 33.50 per MWh due to expectations of falling temperatures."
"Gas storage levels have continued to increase over the past week, albeit only minimally, reaching 83% capacity. In Germany, storage levels also appear to have stabilized after declining early last week."
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FXStreet Insights Team
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