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Gas Prices Lower As European Storage Almost Full

LNG

European LNG prices fell 4.5% on Tuesday to EUR 48.95, close to the intraday low of EUR 48.39. They had reached a high of EUR 53.20 early in the session. Energy prices eased as the Israel/Gaza conflict seems contained for now and demand is weak given mild weather and soft industrial production. The euro area manufacturing PMI showed activity in the sector declining at a faster pace in October.

  • European storage is almost completely full ahead of winter.
  • North Asian prices fell 4% as December stocking was completed for some large buyers.
  • Bloomberg reported that global LNG imports were 6% lower in the week ended October 22, mainly because of China.
  • US LNG prices rose 1.7%.
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