European gas prices rebounded on Tuesday on mounting fears of a stronger rebound in Asian demand for LNG.
Tuesday's trading started off flat but prices settled higher on a late push.
Energi Danmark commented in its morning report: “The immediate supply situation remains to look healthy, and maintenance work is unwinding increases Norwegian flows now. But despite solid storage levels at the moment, risks for a problematic winter supply situation continue to linger as LNG cargoes could be drawn away more from Europe due to increasing Asian demand.”
As a result, NBP settled 4% higher, while TTF saw a 4.2% rise to USD 11.31/MMBtu.
Meanwhile, Brent climber 2.1% to USD 76.25/barrel, and WTI settled at USD 71.32/barrel, up 2.2%. This came as traders weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook.
Saudi Arabia on Monday said it would extend its voluntary output cut of 1 million barrels/d to August while Russia and Algeria volunteered to lower their August output and export levels by 500,000 barrels/d and 20,000 barrels/d, respectively.
There have been no updates to Henry Hub, JKM and API2 Coal due to 4 July celebrations in the US.
Front-month futures and indexes at last close with day-on-day changes (click to enlarge): 
Time references based on London GMT. Brent, WTI, NBP, TTF and EU CO2 data from ICE. Henry Hub, JKM and API2 data from CME. Prices in USD/MMBtu based on exchange rates at last market close. All monetary values rounded to nearest whole cent/penny. Text and graphic copyright © Gas Strategies, all rights.
