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Gas Prices Sink As Demand Soft And Supply Robust

LNG

European LNG prices continued sinking on Tuesday to a new low for the year because of continued weak demand and high inventory levels. Storage was at 91% on December 10 compared with the seasonal average of 81%, according to Bloomberg. They fell 3.5% to EUR 34.86 to be down 17.2% in December to date. The intraday low was at EUR 34.51.

  • North Asian prices fell 0.8% to be down 3.2% this month as storage levels are high and demand remains soft. Some buyers are now looking to on sell spare shipments.
  • US prices fell sharply down 6.3% on the day to be 18.7% lower in December as flows remain strong.
  • LNG on tankers at sea for more than 20 days fell 8.7% in the week to December 10.
  • The European parliament has approved the EC’s proposal to allow EU members to block imports of Russian gas by preventing the use of their infrastructure such as terminals and pipelines. It would also allow them to cancel contracts without having to pay Russia compensation. With storage levels high, this development has not provided support to natural gas prices.
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