EU's Gas Imports Mix: Russian Gas Soars 37% in July
No LNG surplus is expected, and the EU-Trump energy deal is unrealistic.
European gas storage injections were strong in July, reaching 68.6% by month-end, up nearly 10 percentage points from June. Inventories remain below the five-year average, as shown in Figure (1).
Stable LNG inflows and a rebound in Norwegian and Russian pipeline deliveries post-maintenance eased TTF price pressure. With weak demand, TTF prices averaged around $11.6 per MMBtu for the month.
JKM spot prices fell to about $12 per MMBtu from mid-July to month-end, due to low demand and stable LNG supply in Asia. The average price difference between JKM and TTF stayed between $0.7 and $0.8 per MMBtu.