US tariffs and mild temperatures to drive down TTF and Asian LNG prices

Market & Trading Calls

European TTF price outlook: Bearish as the market anticipates lower gas demand following the announcement of US tariffs on 2 April. Strong LNG send-out and mild spring temperatures continue to reduce the call on inventory withdrawals. Upside risks remain if ongoing maintenance at Norway’s Nyhamna and Kollsness facilities is extended.

Asian LNG price outlook: Bearish tracking bearish European TTF benchmarks, as mild temperatures and above-average inventories across Northeast Asia continue to suppress regional demand. However, the outlook is not without risks as the market eyes recent US imposed tariffs and potential Indonesian LNG supply disruptions.

Asian LNG – TTF spread: Stable as both TTF and Asian LNG prices are projected to weaken in the coming days. As of 2 April, Asian LNG regained its premium over TTF, trading at a $0.12/MMBtu premium.

US Henry Hub price outlook: Stable as downward pressure from mild April weather forecasts counteract more bullish sentiment spawned from flat production, high LNG feed gas demand, and geopolitical risk from recent tariff implementation.  

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