EU TTF #gas jumps to €31.4/MWh ($10.75/MMBtu), extending its rally to 13% over the past three sessions as weather forecasts point to frigid conditions potentially hitting both Europe and Asia over the next two weeks. That raises the risk of LNG cargoes being diverted away from Europe toward Asian markets forcing prices to remain competitive.

Europe’s dependence on seaborne LNG continues to grow, while gas storage is just 54% full, well below the five-year seasonal average of 69%, leaving the region increasingly exposed to the double risk of a cold-weather demand shock and competition from Asia for what is otherwise a well-supplied global LNG market.

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