European gas storage update

The EU gas storage levels stand just shy of 80%, levels that are usually reached in September. The gas markets continued its decline in the last quarter with ample supply and muted demand: German gas consumption averaged 4% lower y-o-y and Spain demand dropped by 6%. TTF front month prices dropped the most with levels going as low as 23 EUR/MWh in early June, before correcting upwards again. The TTF and NBP prices for delivery in 2024 both retreated by 9% versus our last release 3 months ago.