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Gas Prices Soft As Supplies Robust and Demand Lacklustre

LNG

After three consecutive daily falls, European LNG rose 2.9% on Wednesday to EUR 35.70, off the intraday high of EUR 36.31. They are still down over 15% in December to date as stocks are high, new supply steady, industrial demand weak and temperatures around average.

  • European LNG prices for February and March are above northeast Asia’s to attract flows early next year to restock following winter.
  • US natural gas prices rose 1.7% on technical buying as traders took advantage of very low prices, which are down 16.1% on the month as oversupply continues. Bloomberg estimates that inventories fell last week. East coast forecasts are signalling warmer-than-average weather towards the end of December, while the west coast is looking cooler.
  • North Asian prices fell 1% to be down 4.2% in December as mild weather and soft industrial activity continue.
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