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Its going to be a difficult Winter for Europe

Close price: Prices continue to march up in value, as August becomes the new front month. There is still no news that the Nord Stream 1 compressor sanctions would be resolved, with the pipeline still flowing at 40% output.

Under these conditions, its going to be difficult for the EU to fill storage, particularly if further issues arise. And they soon could, with the LNG JKM (Japan Korea Marker) beginning to pull LNG cargoes away from Europe and into Asia as it trades at a premium.      An update from the US Regulator last night that the freeport LNG restart would not be as fast as anticipated. A partial restart may be delayed between 90 to 120 days. This could see prices rise much more today.

Opening price: A quiet start to the morning has seen little movement so far in prices. Prices could be set to rise more when more volume is traded with the Freeport LNG update. June welcomed 12 LNG cargoes to end the month vs 10 the year before.