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BRIEF-Citi Maintains Jkm And Ttf Gas Likely To Trade Below $13/Mmbtu In 2H25

ReutersFeb 26, 2025 6:15 PM

- CITI RESEARCH:

  • MAINTAINS BASE CASE THAT JKM AND TTF GAS ARE LIKELY TO TRADE BELOW $13/MMBTU IN 2H25 VERSUS THE RANGE OF $14-15/MMBTU CURRENTLY

  • SAYS JAPAN’S LNG IMPORTS ARE LIKELY TO DECLINE BY 3 TO 5-BCM, OR 4 TO 5% Y/Y IN 2025 DUE TO NUCLEAR RESTARTS AND PRICE-INDUCED FUEL SWITCHING

  • SAYS THIS SHOULD HELP BRING JKM AND TTF PRICES LOWER ALONG WITH OTHER BEARISH FORCES INCLUDING A LIKELY RETURN OF RUSSIAN GAS TO EUROPE AND EU RELAXING GAS STORAGE TARGETS

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