NWE gas storage entered this injection season meaningfully behind last year, and the forward LNG forecast, while broadly tracking 2025 — isn't structured to close that gap by end-of-summer. The Netherlands stands out as the regional driver, with storage at multi-year-low levels for late May despite steady LNG inflow. The implication is that closure now depends on supply sources other than LNG, and the market's anchoring on EU-aggregate storage understates the asymmetry concentrated in NWE, where TTF price formation actually sits.
Read the full analysis using data from Hyperion's Leviaton LNG data and forecasts on this dashboard.
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