Since Russia’s full-scale invasion of Ukraine in February 2022 and the reduction in natural gas pipeline imports from Russia that followed, European countries have reactivated development of previously dormant regasification projects and have started development of new projects.

Qatar, one of the world's largest LNG exporters, has been courted by European countries, including Germany and the UK, in recent months as they seek improved gas supply security amid stubbornly high prices.

The 27 EU member states are trying to hammer out an agreement that can be implemented by the end of the year. The commission on Tuesday proposed to limit the price of the upcoming contract on the TTF market. TTF accounts for around four-fifths of gas trading in the bloc.

Despite having already spent hundreds of billions of euros ensuring storage sites are filled this winter and providing support to households and businesses, the strain on public funds as well as pain for households and businesses are likely to continue next year.

The 2023 contractual expiries represent roughly 8% of Japan's annual LNG imports of around 74 million mt, a level that will likely be difficult to replace with incremental supply from other long-term term contracts and short-to-mid-term contracts amid tight LNG markets.

Egypt has two LNG export facilities -- the 7.2 million mt/year Shell-operated Idku facility and the smaller Eni-operated 5 million mt/year Damietta plant.

Failure to reach a deal would send a signal that the EU’s united response to the war-driven energy crisis is falling apart -- a political gift for Moscow that Europe is keen to avoid.

The German government has announced it will introduce a €54bn package of measures aimed at supporting German companies and households amid rising energy prices.

U.S. Rig Count is up 2 from last week to 784, Canada Rig Count is down 7 from last week to 194.

Exceptionally mild weather across Northwest Europe since October has led to a sharp drop in gas prices from record levels over the summer.