April 29, 2024 23:39 GMT
High European Storage Levels & Weak Demand Weigh On Prices Again
LNG
European LNG prices fell 2.3% to EUR 28.25 after a low of EUR 27.91 as supply disruptions improved, geopolitical risks eased in the Middle East with the prospect of a Gaza ceasefire deal and mild weather is expected in Europe. Storage is close to 62% full, a seasonal high, while demand remains lacklustre. They are now up 2.8% in April.
- The outage from a gas leak at Norway’s Hammerfest LNG facility has concluded and operations have resumed. There are also increased flows from the US’ LNG Freeport export terminal after pipelines went offline.
- US natural gas prices rose 6.6% to exceed the important $2 level at $2.05 as low prices encouraged participants into the market. They are now up 2.6% this month. Warm weather is forecast for the eastern and central US at the start of May.
- North Asian prices fell 2.5% but are still 5.3% higher in April.
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