Spain: PVB sharpens its Atlantic Basin LNG bid
Front-month PVB gas basis traded at par with TTF for virtually the entirety of June 2026. Although Spain’s energy market has benefited from consistently stronger natural gas pipeline imports from Algeria since March 2026, it also redistributed material volumes of natural gas supply as exports to neighboring markets during the second quarter of 2026. This dynamic started to change in June as the level of Spain’s LNG sendout descended to a multi-year low.
Heading into July, typically its peak month for power load at approximately 28 GWe, Spain’s level of natural gas in underground storage remains -3.5% below last year. Not surprisingly, PVB natural gas prices have positioned Spain’s energy market to compete for marginal cargoes in the Atlantic Basin LNG market during July 2026.