Europe More Confident Can Get Through Winter Even With Disruptions
European LNG prices rose 1.9% on Wednesday but are still down 7.8% this week on expected mild weather, contained Middle East conflict and almost full storage. There is increased confidence that the winter won’t be a problem now even if there are supply disruptions. LNG closed at EUR 48.90, close to the intraday high of EUR 48.96.
- North Asian prices fell 0.4% but have been fairly stable since late October as purchases for the upcoming winter ease off.
- US gas prices fell 2.2% after rising 7.6% on Tuesday. The rally was driven by forecasts from Maxar for colder weather in the far northeast but yesterday’s sell off was due to forecasts for warmer weather in the south and west.
- The Eurasia Group estimates a 70% chance that the Israel/Gaza conflict will be contained, according to Bloomberg.