European Gas Report – Q1 2021

Wholesale gas prices in Europe were largely impacted by the high price premium of East Asian gas markets in January 2021, resulting in redirection of LNG cargoes towards Asia and reducing gas supply in Europe, which prompted a price spike on the TTF and other hubs. This reflected the globalised nature of natural gas markets and reminded Europe that Asian markets can swiftly and significantly influence European hub prices, a phenomenon last seen in 2018.