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Gas Prices Continue Falling As Demand Stays Soft

LNG

European LNG prices continued trending lower on Tuesday falling 1.2% to EUR 25.43 to be down 15.9% this month on the back of mild weather and high storage. With the March contract reaching new lows, it is now signalling it is close to being oversold. Gas has become a cheap fuel, which may increase its usage.

  • According to Independent Commodity Intelligence Services gas demand in the EU and UK should improve later in 2024 which should boost LNG imports by around 15%.
  • US natural gas was also lower again falling 5.6% to $1.67 to be down over 20% in February to date as forecasts continue to signal warmer weather for February 19 to 22, according to Atmospheric G2. Cold conditions are now limited to the East of the US. Thus gas inventories are expected to be robust going into spring.
  • US gas prices also seemed to react to the higher-than-expected US CPI outcomes and fell sharply following the data. A higher-for-longer rate environment is expected to weigh on industrial power demand.
  • North Asian prices are steady given the Lunar New Year holiday.
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