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The bullish trend in European and Asian gas prices showed no sign of abating on Tuesday with benchmark TTF and JKM contracts hitting new multi-year highs. TTF time spreads are in unchartered territories: WIN 21-SUM 22 above €10/MWh and Cal 2022-Cal 2023 above €4/MWh. In Europe, rising coal and EUA prices, low inventories levels and tight supply due to multiple planned and unplanned outages (notably with a further extension of the Karsto outage in Norway) continued to fuel the bullish sentiment while Asian spot LNG prices are still looking for a ceiling and are still trading just below Brent parity levels amid strong Chinese LNG demand(+27% yoy in the Jan-May 21 period) and ongoing maintenance at several liquefaction trains (notably in the US, Algeria and Australia).
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