Goldman: TTF Winter Peak Must Hit €105/MWh to Curb Non-European LNG Demand

Goldman's framing matters because it recasts European gas prices as a bidding mechanism for global LNG rather than a purely local weather story. The €105/MWh threshold implies that below it, non-European buyers keep competing for cargoes, so TTF strength is effectively the price of demand destruction elsewhere. The read-across lands on European utilities and industrial gas consumers, and on LNG suppliers weighing destination flexibility. The open question is whether winter supply stays tight enough for that mechanism to bind.