Global gas market report: June 2023

Gas and LNG spot prices in Europe and Asia hit a 2-year low due to weak gas demand and ample EU storage levels. TTF hub and NEA LNG spot prices averaged $10/mmBtu, declining 27% and 17% MoM. Low gas prices may drive coal-to-gas switching in Europe, potentially leading to price increases. Price-sensitive LNG importers in South and Southeast Asia show increased buying interest, hinting at possible upward price movement. The report was written by the GECF (Gas Exporting Countries Forum)