European LNG-TTF spreads have trended closer to pipeline gas hub levels as the market shies away from supplying cargoes to Europe and faces competition from Asia, Platts said.

• The DES NWE LNG price for August was assessed at a 2.5 cents/MMBtu discount to TTF, Platts said August 25.
• These are the narrowest discounts seen since August 2023 when LNG in NWE was flat to TTF.
• The narrow LNG-TTF spread has dampened buying interest across the continent, as it lowers the profitability for buyers of LNG who then sell at the gas hub price in Europe.
• European LNG imports stand at 6.12m mt so far in June, Platts said. This is around 77% of May’s levels, which was the lowest since Sep. 2023.

Source: S&P Global Commodity Insights