TTF and JKM prices hit new record highs

The bullish trend in European and Asian gas prices showed no sign of abating on Tuesday with benchmark TTF and JKM contracts hitting new multi-year highs. TTF time spreads are in unchartered territories: WIN 21-SUM 22 above €10/MWh and Cal 2022-Cal 2023 above €4/MWh. In Europe, rising coal and EUA prices, low inventories levels and tight supply due to multiple planned and unplanned outages (notably with a further extension of the Karsto outage in Norway) continued to fuel the bullish sentiment while Asian spot LNG prices are still looking for a ceiling and are still trading just below Brent parity levels amid strong Chinese LNG demand(+27% yoy in the Jan-May 21 period) and ongoing maintenance at several liquefaction trains (notably in the US, Algeria and Australia).