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Gas Prices Rise In May On Stronger Global Demand

LNG

European LNG fell 1.9% on Friday to EUR 34.69 off the intraday low of EUR 34.10. It rose 18.5% in May, the largest increase since September last year on rising competition with Asia for supplies as cooling demand rose and there were outages in a number of locations. While storage levels are high in Europe, refilling ahead of next winter has begun.

  • Cooling demand in Europe is currently looking limited with cool and wet weather continuing into June.
  • US natural gas prices rose 0.4% on Friday to $2.58 to be up 11.3% in May. They are currently up a further 3.4% to $2.67 in today’s trading. Production on Friday was down 0.8% y/y while demand rose 1.4% y/y.
  • North Asian prices fell 2.5% on Friday to be up 18.3% in May. Energy Aspects estimates that with average temperatures, Asian gas demand may rise by 3mn tonnes y/y in Q3. Above average temperatures could add another 2.1mn tonnes.
  • Indian LNG imports for May are expected to rise almost 20% y/y to be their highest since October 2020, according to Kpler, as cooling demand rises sharply on hot conditions.
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