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Fundamentals Push Gas Prices Lower

LNG

European LNG prices fell 5.5% to EUR 27.28 on Wednesday after rising for the previous five days. It reached a high of EUR 28.90 early in the session. The market was weighed by milder weather and soft demand at a time of elevated storage levels with more power coming from renewables and like with oil there was also some profit taking. Also the US’ Freeport said that it would increase LNG output by 10% once repairs are completed in May, with most being exported.

  • European prices may rise again if there are further Ukrainian attacks on Russian energy infrastructure but any gains are likely to be capped as the heating season finished at the end of March.
  • US natural gas prices fell 2.6% to $1.70 on Wednesday to be down 8.7% in March to date.
  • North Asian prices were also lower with bargain hunters stepping aside.
Energy BulletsCommodities
Energy BulletsCommodities

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