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Fundamentals Weigh On Gas Prices

LNG

Natural gas prices ended December down sharply with demand soft and supply robust. European LNG fell 4.6% on Friday to EUR 32.10 to be down almost 25% on the month. Increased tensions in the Red Sea though, a major LNG shipping route, may put a floor under prices in early January.

  • US gas prices fell 2.7% to be down 12.3% in December as forecasts point to warmer weather for the eastern and middle US in early January. Supply has been strong with BNEF lower-48 output up 5.9% y/y.
  • North Asian gas fell 1.7% on Friday to be down almost 30% on the month as demand remains weak. But China’s gas demand is expected to rise 6-8% this year as the economy improves, according to the Chongqing Petroleum and Gas Exchange. In the year to November 2023, it rose 7.3%.
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