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Plentiful Gas & Weak Demand Offset Colder Weather & Geopolitical Tensions

LNG

European LNG prices fell 1.6% on Tuesday to EUR 29.44 to be down 9% so far this month, despite cold weather and an increasing number of tankers avoiding the Red Sea and Suez canal. Qatar is now shipping LNG to Europe via southern Africa and Shell is now avoiding the waterway too. High storage levels and soft industrial and household demand continue to weigh on prices, as the risk of a winter shortage now looks very low.

  • US natural gas prices fell 6.8% to be up almost 5% in January. Prices fell due to forecasts for above-average temperatures for the eastern US later in the month by Maxar Technologies. Current extreme cold impacting parts of the country is resulting in inventory drawdowns but levels remain well above normal. The cold snap may also affect flows to LNG export terminals at Cove Point and Freeport.
  • North Asian prices are down over 12% this month on limited supply risks.
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