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Investing.com - Global gas prices continue to trade within a narrow range despite recent geopolitical developments. Dutch TTF prices are hovering in the mid-to-low €30s/MWh, while Asian JKM spot prices remain just below $12/mmBtu and US Henry Hub near $3.
Geopolitical tensions stemming from pressure on Russian energy exports have added modest bullish sentiment to the market. This pressure comes as part of a push for a swift peace deal, though UBS notes these developments have done little to shift the broader market picture.
Underlying fundamentals remain comfortable due to stable global supply, despite some production issues. The recent start-up of LNG Canada represents one of the notable developments in the production landscape, though it hasn’t significantly disrupted the market balance.
The ongoing heatwave continues to support expectations of Asian demand, but UBS reports there has been no meaningful increase in Asian imports that would tighten the market. This lack of import growth has helped maintain the current price range.
In the US market, several factors provide modest support, including a slight pullback in production, healthy demand for feedgas and power, and the start of feedgas deliveries to Golden Pass LNG. Despite these supportive elements, fundamentals remain loose and storage levels above seasonal norms, which UBS indicates will continue to limit upside potential for prices.
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