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European Prices Rise On Middle East Tensions

LNG

European LNG prices were 3.2% higher on the day at EUR 35.26 but off the high of EUR 37.35 early in the session driven by the heightened risks to shipping in the Red Sea, an important route for LNG shipments, and that tensions in the region escalate. The upside was limited though by continued strong flows and high inventories. Prices are still down 16.2% this month.

  • European weather is forecast to remain mild into early January, according to Bloomberg.
  • Bloomberg ship tracking data is showing that some LNG carriers are now taking longer routes to avoid the Red Sea.
  • Russia’s gas output rose 2.8% y/y in November.
  • US natural gas prices rose 2.8% driven by the expiry of the January contact and looking ahead to potential colder weather later in January. They are now 6.5% lower in December as supply remains robust.
  • North Asian gas prices continued to trend lower on Wednesday.
Energy BulletsCommodities
Energy BulletsCommodities

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