Global gas prices move further north

Bulls kept control of European and Asian gas markets on Wednesday, pushing TTF and JKM benchmarks to new highs once again amid multiple supply outages across the globe and a rising energy complex notably with Brent prices hitting the $76/b mark intraday. Weak LNG regas volumes in France and the Netherlands due to ongoing maintenance work at Gate, Montoir and Fos Tonkin import terminals, lingering outages in Norway and the start-up of maintenance work at some US LNG terminals fuelled the bullish sentiment. Storage levels remain at their lowest level since 2018 in NW Europe (and even beyond in Germany and the Netherlands) with injection volumes on a downward trend over the past few days due to tight supply flows.