International gas prices continue to soar without an end in sight. The TTF and NBP have both surpassed their previous peaks and impressive growth over the summer has allowed both benchmarks to consistently set new record highs.
For reference, the highest price the TTF and NBP had reached before this rally was $10.129/MMBtu and $10.548/MMbtu respectively.
Current prices for both are threatening to rise past the $15 mark. This surge in price has come as a result of multiple factors, the primary reason being low European storage that has fallen outside their 5-year range.
American LNG exports are already moving at full capacity, and the Europeans will need additional sources of gas to shore up their own supply gaps.
As summer heat continues to pile on, weather-driven demand will remain high in the near term and push prices abroad higher in the near term.
Gelber, American LNG exports, TTF prices, international gas prices, NBP gas prices, European gas storage
Source: Gelber and Associates