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Gas Rises As Now A More Competitive Energy Source

LNG

Gas prices across continents continued to track higher on Wednesday as low prices have attracted interest. European LNG rose 4.4% to EUR 25.55 to be up 13.8% since the trough on February 23 but it is still down 16.1% this month. It broke above EUR 26 earlier to reach a high of EUR 26.17. European LNG was also supported by forecasts of lower temperatures and reduced renewables supply in recent days.

  • Norwegian natural gas flows have been impacted by an unplanned outage at the Skarv gas field.
  • US natural gas is up 3.6% to $1.87 after breaking just above $1.90 earlier. It is still down 11.7% in February but now 17% higher than the February 18 trough. The extended maintenance at Freeport LNG in Texas for a further 2 weeks may impact supply.
  • There has also been increased interest in gas in Asia with prices rising 4.3% on Wednesday. China’s CNPC is forecasting gas imports to rise 8.2% in 2024. The expansion on LNG import facilities continues.

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