CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Gas Prices Stronger Last Week As Buyers Attracted By Low Prices

LNG

European LNG prices ended the week higher rising 1.8% on Friday to EUR 29.30 and to be up 4.7% on the week. Prices rose to EUR 31.22 on Wednesday. Gas was supported last week by geopolitical tensions in the Middle East and the related delays to LNG shipments, and forecasted colder weather later in February. Low prices have also brought buyers back into the market. But storage levels remain seasonally high, which should weigh on prices.

  • US natural gas prices rose 2.1% on Friday but were down almost 4% on the week. They fell to $2.021 but bounced from here with traders reluctant to drive it below $2 despite warmer weather forecast. Cooler weather is expected though towards the end of February.
  • There is growing criticism of President Biden’s freeze on LNG gas approvals while their impact on climate change is assessed. The heads of Shell and Exxon plus moderate Democrats have voiced their concern. Republicans are hoping to derail the proposal in the House. The decision is also expected to delay or cancel a number of gas terminal projects.
  • The Baker Hughes rig count fell 2 in the latest week to the lowest since mid-January and down 16.7% y/y. Oil was steady with the drop in the gas sector.
  • North Asian prices were flat but rose a moderate 1.8% last week.
Energy BulletsPower BulletsCommodities
Energy BulletsPower BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.