Spot prices in Asia and Europe soared to record highs in 2021 on tight market fundamentals. In Europe, TTF prices rose almost fivefold from their 2020 lows to reach an annual average of USD 15.8/MBtu – the highest on record. Strong demand recovery (up 5.5%) together with plummeting domestic production (down 10%), lower LNG inflow (down 4%) and reduced Russian pipeline deliveries to the European Union (down 3% y-o-y) resulted in a tight gas market.
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