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Warmer Weather Allows Gas Inventories To Stay High

NEW ZEALAND

European LNG prices fell 0.9% on Wednesday to close at EUR 45.65 to be down almost 5% so far this month. They broke through EUR 45 in the late morning reaching an intraday low of EUR 44.82. Expected warmer weather through November continues to weigh on prices as storage is almost full. Europe is now expected to get through the winter without gas shortages but the market remains sensitive to supply disruptions.

  • North Asian prices continued to trend lower down 0.4% on Wednesday to be 2.4% lower this month. Japan is also seeing higher-than-usual temperatures for this time of year, which is resulting in a build in gas inventories.
  • US gas prices fell 0.6% yesterday to be down 12.7% in November to date also due to weather forecasts pointing to above average temperatures in much of the US.
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