Pushing the boat out
There’s no safe place to put all the gas. EU LNG chart deck (4-15 Sep 2023)
There’s been some talk in the commodities press about gas traders holding LNG in floating storage to capture higher European gas prices in November and December. The reality is that this bet is becoming increasingly fraught, because European demand is yet to show signs of strong recovery in those early winter months.
The contango on Dutch TTF is definitely still there, but if anything is has eased a little in the last two weeks, as the front month (October) rose slightly while the rest of the curve softened.