Medium-term outlook Natural Gas - November 30, 2020
We might see a tightening of the European gas markets in 2021 and a rebalancing of the global gas markets beyond 2021. Dutch exports will decrease strongly and LNG might no longer flooding the markets as seen in 2019 and beginning of 2020. Key uncertainties remain the North Stream 2 issue, weather and Win 20/21 demand, demand growth in Asia (especially in China and India) and the dynamics between US, European and Asian markets. We expect market level around 0.5 - 1 €/MWh higher than currently traded at the forwards.
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