Spain: PVB basis trades at a premium to TTF

Published by Balance Point Research on

LNG sendout in Spain rips to ~3.7 Bcfd. PVB basis now trading at a premium to TTF in the day-ahead, M+1 and M+2. Strong YOY performance of Spanish renewables had been bearish for PVB basis+LNG imports for most of 2024. Importantly, for the Atlantic Basin LNG market in 2025, this dynamic is clearly changing.

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