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Strong Supplies Keep European Prices Low, US 2023’s Largest Exporter

LNG

European LNG prices fell 6.4% on Tuesday reaching a low of EUR 30.03. It closed at EUR 30.28. Expected colder weather across norther Europe and tensions in the Red Sea couldn’t boost natural gas given high inventory levels, strong Norwegian flows and weak industrial output. The December euro area manufacturing PMI remained contractionary at 44.4.

  • US natural gas prices rose 2.8% due to forecasts indicating colder weather in mid-January.
  • In 2023, the US became the largest LNG exporter overtaking Australia and Qatar, according to Bloomberg. Qatar saw exports fall 1.9% while Australia’s were steady. US LNG shipments are expected to remain strong this year, as two new projects will start producing soon.
  • North Asian gas prices fell slightly on Tuesday.
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