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Gas Prices Rise On Increased Cooling Demand & Supply Disruption Worries

LNG
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Natural gas prices finished the week higher with Europe trading above EUR 30 on Friday to be up 1.8% to EUR 30.80. They reached a high of EUR 31.07 followed by a low of EUR 30.25. They rose 2.6% on the week to be up 5.6% in May. Demand for gas has improved as it is currently more economical than coal for power producers. The market also remains alert to supply disruptions.

  • Ukraine’s gas infrastructure remains extremely vulnerable to Russian attacks especially as strikes on Russian refineries continue. Ukrainian drones struck southern Russia’s Slavyansk oil refinery again causing operations to cease.
  • US natural gas prices rose 5.5% on Friday to jump 17% last week to be up over 32% this month as data showed a lower-than-forecast rise in inventories. Export demand for US LNG has also picked up.
  • North Asian prices rose 0.9% on Friday to be up 6.3% last week and 9.4% in May. Demand is stronger as hot weather has hit the region and cooling needs increased. Also, some LNG shipments from Chevron’s Gorgon LNG export facility in Australia have been rescheduled due to an outage.
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Natural gas prices finished the week higher with Europe trading above EUR 30 on Friday to be up 1.8% to EUR 30.80. They reached a high of EUR 31.07 followed by a low of EUR 30.25. They rose 2.6% on the week to be up 5.6% in May. Demand for gas has improved as it is currently more economical than coal for power producers. The market also remains alert to supply disruptions.

  • Ukraine’s gas infrastructure remains extremely vulnerable to Russian attacks especially as strikes on Russian refineries continue. Ukrainian drones struck southern Russia’s Slavyansk oil refinery again causing operations to cease.
  • US natural gas prices rose 5.5% on Friday to jump 17% last week to be up over 32% this month as data showed a lower-than-forecast rise in inventories. Export demand for US LNG has also picked up.
  • North Asian prices rose 0.9% on Friday to be up 6.3% last week and 9.4% in May. Demand is stronger as hot weather has hit the region and cooling needs increased. Also, some LNG shipments from Chevron’s Gorgon LNG export facility in Australia have been rescheduled due to an outage.