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Natural Gas Sells Off As Supply Conditions Improve

LNG

Natural gas prices fell on Monday. European LNG fell 3% to EUR 34.29 on Monday to be little changed in June. Flows returning to usual rates, forecasts of warmer weather and seasonally high storage levels weighed on prices. A cool start to summer has seen UK gas demand rise sharply in June to date.

  • After maintenance and outages, supplies from Norway are above their 30-day average, according to Bloomberg. Russian gas coming through the Ukraine was also flowing as usual.
  • US natural gas fell 3.3% to $2.79 despite hot weather but is still 7.7% higher this month. The forecast for the next 10 days though is showing that temperatures should come down, according to EBW AnalyticsGroup.
  • The American Petroleum Institute has asked for the halt on new LNG export permits to be cancelled.
  • North Asian markets followed Europe with prices down 2% to be up 3.1% in June.
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