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Tight Supplies Keep European Markets On Edge

LNG

European LNG rose 1.9% on Wednesday to EUR 27.64, close to the intraday high, to be up 11.2% in March. The focus has returned to building inventories ahead of next winter which could be difficult if Russia continues to attack Ukraine’s gas storage facilities and as global supply is tight and vulnerable to disruption. Ukraine has attempted to reassure Europe that it will be able to deliver.

  • European gas demand is expected to increase moderately this year but unlikely to be strong due to weak growth, especially in manufacturing, and increased use of renewables.
  • US natural gas prices continued trending down falling 4.1% on Wednesday to $1.71 to be almost 15% lower this month and approaching oversold territory based on the relative strength index, according to Bloomberg. Warmer weather forecasts for early April are currently weighing on gas prices. Higher temperatures are expected for the central and eastern US over April 5-11 but should be below average in the west, according to EBW AnalyticsGroup.
  • North Asian prices fell 2.4% but are still up 9.4% in March. Shell expects Asia to increase its demand for gas as a cleaner substitute for coal.
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