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Latest natural gas news
Browse the latest market moving news on the global natural gas industry.
Brazil to publish CGOB certification norm by Sep
Brazil to publish CGOB certification norm by Sep
Sao Paulo, 26 August (Argus) — Brazilian hydrocarbons regulator ANP is set to publish a resolution on the biomethane certificate of origin (CGOB) issuer certification procedure at the beginning of September, it said on 25 August. The procedure will come out as technical report number 4, according to ANP. After a biomethane producer or importer is certified to issue CGOBs , it will be able to issue the credit through the CGOB platform. The platform has yet to be published and has no timeframe to do so, ANP said. ANP also has yet to disclose the methodology for the individual CGOB target for obligated agents under the biomethane mandate. Brazil's biomethane market is waiting for the CGOB mandate to launch , with market participants pointing to the mandate's delay as one of the factors hindering liquidity in the sector. The overall CGOB target will be proportional to the remaining months of 2026 after the first CGOB emission. With the delay, market participants expect the target to initially come out with a smaller volume of CGOBs to trade. By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Gas traders price in Hormuz risks for Jan-Feb contracts
Gas traders price in Hormuz risks for Jan-Feb contracts
London, 20 August (Argus) — Traders have started factoring possible strait of Hormuz supply disruption into January and February gas prices, as record-low stocks and a prolonged US–Iran conflict could tighten supply well into winter. The TTF January and February contracts posted on average the largest gains and smallest losses over the past 10 sessions ( see graph ), as traders deemed a normalisation of Hormuz traffic increasingly unlikely. TTF January and February prices climbed by an average of 2.05pc and 2.15pc day on day, respectively, over the past 10 sessions. This outpaced the front-month increase of 1.93pc and the fourth-quarter 2026 rise of 1.98pc. Both contracts remain at a discount to August-December prices, but narrowing discounts suggest traders expect similar supply risk in those months. Market participants polled by Argus highlighted peak heating demand, depleted stocks and maintenance at Norway's Ormen Lange field — expected to run until 1 February — as supporting January-February prices more than near-term values, where supply risk looks less severe. The market consensus is that QatarEnergy could ramp up the now-64.2mn t/yr Ras Laffan export terminal within two months. And a June report stated Qatari LNG production could reach half of Ras Laffan's 77mn t/yr nameplate capacity in just one month. Europe could also face depleted storage sites in midwinter. Tight global supply has diverted LNG to Asia to meet summer cooling demand. But hot weather in Europe has boosted gas burn for power, slowing the stockbuild. January and February typically record the strongest gas withdrawals, mainly in northwest Europe, as heating demand peaks. Combined net withdrawals in France, Germany, the Netherlands, Belgium and Denmark averaged 3.15 TWh/d in January–February 2024-26, above the winter averages of 1.7 TWh/d. Underground inventories in northwest Europe held 274TWh on Wednesday morning — the lowest on record for the date and at a 177TWh deficit to the three-year average. Without a faster build, northwest Europe may enter 2027 with record-low inventories, raising supply risk for those months. Gains in the contracts may reflect greater competition for supply over that period. THE follows, increasing storage incentives THE prices showed a similar trend, except traders have sold off near-term contracts while bidding higher for January and February markets. This has restored the incentive to book storage, but reduced the appeal of sending gas to Germany in the coming months. THE January and February contracts have risen more than near-term prices, mirroring TTF moves, and now hold a premium to the THE August price. This premium has widened recently, restoring an economic incentive to book storage space. Sefe's successful allocation of 5TWh at its Rehden site underscores this, even though the product was offered at a discount to previous similar sales. The THE August price was at a €1.09/MWh discount to January and a €0.16/MWh discount to February at the latest close. But THE balance-of-month and front-month prices have held at a small premium or a discount to other European hubs in recent days. Market participants can still lock in profitable spreads to inject this month and withdraw in January, but if THE remains uncompetitive, firms may divert gas elsewhere, tightening the domestic balance. Some Norwegian exporters have already rerouted gas to the Netherlands because the THE–TTF everyday basis market has narrowed. German storage sites were 50pc full on Wednesday morning, at an 87TWh deficit to the three-year average and 49TWh below the 70pc target for 1 November. Injections must average 670 GWh/d for Germany to hit its target, well above the 251 GWh/d three-year average. By Alejandro Moreano Percentage move by TTF contract pc TTF 4Q-January, -February spreads €/MWh THE prompt spreads against January, February €/MWh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
European gas stockfill restrained by summer heat
European gas stockfill restrained by summer heat
London, 20 August (Argus) — Stronger-than-usual gas burn in western Europe this injection season has cut volumes available for storage, as record-breaking summer temperatures have elevated cooling-related power demand, reduced hydro output and forced nuclear outages. Power-sector gas demand in Italy, Spain, France, Germany, Belgium, the UK and the Netherlands has been 9.6TWh above the three-year average this injection season, Argus calculations show. If that gas had instead been injected into storage, stocks in those countries would be at 60.9pc of capacity, around 1.2 percentage points above current levels, according to GIE transparency platform data as of Thursday morning. The increase has been mostly driven by Italy and Spain, where the power sectors consumed a combined 16.8TWh more gas on 1 April-18 August than the three-year average for the same period. Both countries have more widespread air-conditioning than those further north, significantly raising electricity demand during what has been one of Europe's hottest summers on record. In Italy, dry weather has also reduced hydro output, further increasing reliance on gas-fired plants. As a result, more gas has been used for power generation instead of storage injections. Spain has relatively limited underground storage capacity and Italy's regulatory framework has kept stocks in a healthy position, but both countries have retained additional gas within their domestic grids to meet power-sector demand. Italy has maintained strong pipeline inflows from France and Germany via Switzerland, while Spain — which increased imports from Algeria and Portugal — also imported from France from mid-June to early August. This altered wider regional flows because France's additional export demand during a period of tight LNG supply led it to import significant volumes from Belgium. The increased reliance on gas-fired generation in both Mediterranean countries has come despite an expansion in renewable capacity and output. In Spain, solar capacity has more than doubled from 24.3GW in April 2023 to 53.7GW in April 2026, grid operator Red Electrica data show. Since June, Spanish solar has generated 21.2TWh — more than any summer on record — despite over 10 days remaining until the end of August, Fraunhofer ISE data show. Italy has not had a similarly rapid buildout of solar capacity, but generation of 12.2TWh this summer so far is still well above the 10.7TWh three-year summer average. Some countries further north in western Europe, despite having relatively less air-conditioning use, also consumed more gas for power than in recent years because of a combination of nuclear outages and reduced hydro output. France, the Netherlands and Belgium consumed nearly 5.5TWh more gas in the sector than the three-year average. This was partly driven by planned and unplanned nuclear capacity cuts, as the French nuclear fleet experienced widespread heat- and drought-related outages and Belgium shut its two remaining 1GW reactors for maintenance in early April until November. Hydro output has also fallen across Europe's main hydro-rich regions, reflecting lower winter snow accumulation, which led to reduced snowmelt inflows, and limited rainfall and heat-driven evaporation from rivers and lakes this summer. But Germany and the UK offset a large share of the rise in power-sector gas demand. Argus estimates that the German power sector alone consumed 8.8TWh less gas than the three-year average, assuming an average gas plant fleet efficiency of 55pc. Prices since at least mid-July have incentivised gas-to-lignite and gas-to-coal switching, as even the least efficient German coal-fired plants have been more profitable to run than the most efficient gas-fired power plants. The UK's power sector consumed 3.9TWh less gas than the three-year average. April alone accounted for nearly all the deficit because above-average wind, solar and nuclear output that month kept gas burn low. By Maxim Krukov Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia’s APA completes Sturt plateau gas pipeline
Australia’s APA completes Sturt plateau gas pipeline
Sydney, 20 August (Argus) — Australian pipeline company APA has finished building the Sturt Plateau pipeline (SPP) linking the Beetaloo sub-basin to the 145 TJ/d (3.9mn m³/d) Amadeus gas pipeline, it announced today in its results for its 2025-26 fiscal year ending 30 June. The project to connect Australian shale gas explorer Tamboran Resources' 40 TJ/d Shenandoah South pilot plant is considered the first step to evaluating the region's commercial gas reserves, with potential for the sub-basin to supply domestic gas, LNG terminals and gas-fired data centres under a multitude of plans. First gas from the Shenandoah South pilot plant is due to start in the current quarter, the firm said. Phase 2 of SPP will provide additional compression to increase flows to 100 TJ/d. Phase 3, a proposed northeast Australia pipeline, would be a multi-billion-dollar investment to connect Beetaloo to eastern Australia, including the three LNG projects based at Gladstone in Queensland state. The Northern Territory government has supported the Beetaloo developers by signing binding sales agreements with Tamboran for 40 TJ/d and with Beetaloo Energy, formerly Empire Energy, for up to 25 TJ/d from its pilot plant. The government said this will meet its requirement of 55–60 TJ/d to power essential services. APA approved works to expand capacity on its gas network in the eastern states in February including A$480mn ($342mn) for new compressors, to boost capacity ahead of the 2028 winter months. APA's 2025-26 revenue fell to A$3bn from 2024-25's A$3.2bn, while net profit after tax rose to A$234mn from last year's A$129mn. Capital and investment expenditure was A$845mn, down from A$964mn in 2024-25. Australia is grappling with possible gas shortfalls in southern states from 2029. LNG imports are proposed, which APA strongly opposes, preferring to expand its pipeline grid to supply more gas from developer-friendly northern Australia to Victoria and New South Wales states, where older coal-fired power plants are due to retire, which would lead to higher gas demand for electricity generation . By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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El Niño to push Brazil thermal output into 2027
El Niño could prolong drought conditions in Brazil, increasing the need for thermal power generation and LNG imports to support electricity demand.
Q&A: Brazil can supply RNG mandate, transport
Biomethane and CGOB certificates can drive the decarbonization of heavy-duty transportation in Brazil, despite infrastructure challenges.
Italy’s ‘liquidity mechanism’ poses market distortion risks
Insight into Italy’s plan to narrow PSV-TTF spreads, potential market distortion, legal risks, limited funding, and the impact on European gas flows.
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