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Gas Prices Rise On Cold Snaps & Middle East Tensions

LNG

European LNG prices jumped on Wednesday by 8.1% to EUR 33.06, but still below Tuesday’s high. The move was driven by forecasts of colder weather and continued tensions in the Middle East and attacks on shipping in the Red Sea, which is a major route for LNG shipments to Europe. But European storage remains very high, especially for this stage in the winter, and flows from Norway are robust.

  • The European cold snap is expected to persist until mid-January and result in temperatures below zero across western Europe, according to Maxar Technologies. The episode is likely to result in higher gas demand for heating and gas-generated electricity with renewables sourced power expected to decline.
  • US natural gas prices rose 3.4% as a storm bringing cold winds and snow is forecast for January 8-12. It is expected to impact the east and Midwest and thus increase heating demand.
  • North Asian prices were little changed on Wednesday.
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