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EU To Discuss Further Russian Gas Import Reductions

LNG

European LNG prices fell 4.8% on Tuesday to EUR 33.55 after a low of EUR 33.16 but are still 15.2% higher this month. Norwegian flows are picking up after an outage while storage levels remain seasonally very high. BloombergNEF expects them to be at 100% by early October but competition with Asia for supplies persists.

  • The market remains sensitive to any supply disruptions and so Norway’s seasonal maintenance will be monitored for any unexpected extensions. The EU is also looking at ways to reduce remaining Russian energy imports and discussions are scheduled to occur this week.
  • US natural gas rose 2.4% to $2.84 to be up 22.4% in May. Forecasts for warmer weather in early June and implications for cooling demand boosted prices.
  • North Asian prices rose 0.7% to be over 20% higher this month driven by strong cooling demand.
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