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Weak Demand Weighs On European Gas Prices

LNG
Energy BulletsCommodities

European LNG prices fell further on Tuesday to be down 2.5% on the day to EUR 28.59 after a high of EUR 29.97 early in the session driven by news of a gas leak at Norway’s Hammerfest plant. Demand remains weak and inventories high and so supply disruptions are not having a prolonged impact on prices.

  • The preliminary euro area HCOB manufacturing PMI for April showed that not only did activity continue to contract but at a faster pace than in March. Industrial demand for gas-generated power has been one of the reasons for soft prices over recent months.
  • The outage at Hammerfest is expected to continue until Friday. On the demand side, temperatures are expected to rise around the weekend after a cold snap over north western Europe.
  • US natural gas prices rose 2.3% to $1.84 on Tuesday to be up almost 4% this month. Warmer weather expected along the east coast is increasing speculation that there will be higher demand for cooling.
  • North Asian gas prices followed Europe lower falling 4.6% yesterday but are still up 6% in April.
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European LNG prices fell further on Tuesday to be down 2.5% on the day to EUR 28.59 after a high of EUR 29.97 early in the session driven by news of a gas leak at Norway’s Hammerfest plant. Demand remains weak and inventories high and so supply disruptions are not having a prolonged impact on prices.

  • The preliminary euro area HCOB manufacturing PMI for April showed that not only did activity continue to contract but at a faster pace than in March. Industrial demand for gas-generated power has been one of the reasons for soft prices over recent months.
  • The outage at Hammerfest is expected to continue until Friday. On the demand side, temperatures are expected to rise around the weekend after a cold snap over north western Europe.
  • US natural gas prices rose 2.3% to $1.84 on Tuesday to be up almost 4% this month. Warmer weather expected along the east coast is increasing speculation that there will be higher demand for cooling.
  • North Asian gas prices followed Europe lower falling 4.6% yesterday but are still up 6% in April.