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Gas Prices Lower, Risks To Shipping Remain

LNG

European LNG prices fell 2.2% on Friday to be down 4.6% this month but they are still off the lows seen on November 22. They reached an intraday high of EUR 47.59 before falling and finishing at EUR 45.80. Colder weather should support prices over the coming days but storage is close to capacity.

  • Shipping risks in the Middle East remain high with reports of a chemical tanker being boarded by Houthi rebels between Yemen and Somalia on Sunday. The incident has now been resolved. This follows another Israeli-linked ship being hijacked. A large amount of Europe’s LNG is shipped through the Suez Canal.
  • North Asian LNG prices rose 3.7% but are still down 3.5% in November. This followed Japan’s government approving further LNG purchases to increase inventories and thus improve energy security.
  • US gas prices fell around a percent to be down almost 20% this month driven by forecasts of warmer weather across the US going into early December. There are also concerns of oversupply.
Energy BulletsCommodities
Energy BulletsCommodities

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