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Gas Prices Follow Oil Lower As Supply Ample & Demand Weak

LNG

European LNG prices fell 3.3% on Tuesday to EUR 27.13, as the energy sector consolidated on Tuesday after a couple of strong days. They are still 10.8% higher in March. Gas prices are vulnerable on the downside as European storage levels are seasonally high and demand is weak, and to the upside from supply disruptions or geopolitical events.

  • BloombergNEF estimates that increased nuclear power generation in France will reduce demand for gas. It also expects that demand for power in Germany, France and the UK will stay below the 5-year average.
  • US natural gas prices (May contract) eased 0.5% to $1.78 and are down around 11% this month. Inventories are also high in the US and excess supply in addition to a mild winter have driven prices lower for months.
  • Cove Point LNG flows are unaffected by the collapse of the Baltimore Bridge but coal exports, especially to Asia, will be impacted, which may increase demand for LNG.
  • North Asian gas prices were also lower falling 2.1% yesterday but are still 12% higher in March.
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