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Gas Prices Stronger Due To Outage & Warmer Weather

LNG

European gas prices were higher on Tuesday rising 1.3% to EUR 34.70 after a high of EUR 35.10. It is up just over 1% in June to date. The region remains highly sensitive to outages and the pick up in prices was due to an unplanned disruption in Norway. A date for the resumption of normal output is yet to be set. Warmer weather is also expected around the end of the month.

  • US natural gas rose 4.3% to $2.91 after falling at the start of the week as weather forecasts shifted higher for around the turn of the month. It is now over 12% higher this month.
  • There is a tropical storm warning for the Texas coast which could result in some gas production being halted but is also likely to reduce air conditioner demand.
  • North Asian prices also increased rising 0.5% to be up 3.6% in June as heatwaves across the region have driven stronger demand. China’s gas imports rose 3.4% y/y in May according to China customs. The country is the world’s largest LNG importer.
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