Prices Continue To Tumble On Strong Flows

European LNG continued to fall on Tuesday as flows to replenish already high storage levels continue while the weather has turned colder. Temperatures are forecast to return to seasonal averages by mid-December. It was down 2% to EUR 43.10 after reaching a low of EUR 41.90 early in trading. It is now 10.2% lower in November

• Reuters reported that LNG flows from Norway are at a record high and increased nuclear power supply from France is also taking the pressure off gas.
• US Henry Hub prices fell another 5.2% yesterday to be 26.7% lower this month as the weather is expected to be milder next week and further out, and production continues to be strong. Prices continue to make new 2023 lows. Bloomberg is reporting that flows to an export terminal fell possibly suggesting that output is being reduced because of too much supply.
• One of Australia’s main LNG export facilities is facing delays as a ship being loaded lost power. It can only fill one ship at a time and so there have been delays to those waiting. This was not enough to provide support to markets though. Most of the cargo from this terminal goes to China and Japan, according to The Australian. North Asian LNG prices fell 0.5% to be down 7.3% in November.