Since late-October, a price premium has been building in the TTF natural gas market, particularly summer 2025. Starting the winter season with lower storage in the ground relative to last year, the European natural gas market has had to contend with a colder than normal November, a huge amount of uncertainty regarding whether Russian gas will flow through Ukraine in 2025, and slower than anticipated commencement timelines for new North American LNG export projects. We will discuss whether this risk premium is justified and how we see risks to the current price relationship between summer 2025 and winter 2025-26.   Speakers: Shikha Chaturvedi, Head of Global Natural Gas Research Otar Dgebuadze, Global Natural Gas Research   This podcast was recorded on 15, November 2024. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4842530-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.