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European Gas Remains Vulnerable To Supply Disruptions

LNG

Natural gas prices were little changed on Thursday with European LNG down 0.8% to EUR 33.11 after a high of EUR 34.30 early in the session. Prices are now down 3.3% this week.

  • Norway has been repairing a pipeline fault and the Nyhamna plant is expected to increase flows today. Exports to the UK have been boosted to compensate for lower flows.
  • European storage is providing a significant buffer at over 70% full but is at risk from a heatwave or supply disruptions. For now the weather has been mild.
  • US natural gas is up 2.7% to $2.83 to be up around 9% this week as forecasts of warmer weather around mid-June supported the market. EIA data showing a higher-than-expected inventory gain of 98 bcf brought prices off their high.
  • North Asian gas prices rose 0.2% to be down 1.3% this week. A heatwave has increased gas demand for cooling and supported prices but they have stabilised since late May.
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