MNI China Daily Summary: Wednesday, December 11

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Global Gas Prices Weak On Continued Strong Supply

LNG

European LNG prices rose 1.9% on Friday to EUR 28.44 off the intraday high of EUR 29.31. Prices remain very subdued and were down 11.1% on the week, breaking below key resistance at EUR 30, to be down around 12% this year, as inventory levels and new deliveries remain robust increasing sentiment that there won’t be shortages for what remains of winter. Storage levels are at 77% compared to the seasonal average of 66%.

  • European trading volumes in January are up 40% y/y, according to Bloomberg.
  • US natural gas prices fell sharply on Friday by 7.2% to be down around 14% on the week as weather forecasts indicate higher temperatures going into early February. There was also a lower-than-expected gas drawdown during the cold snap.
  • North Asian prices were sharply lower last week falling over 14% also on strong inventory. According to ANZ, Japanese importers have on sold shipments due to high stock levels while demand is lacklustre.
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