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Weather Weighs On Prices, But Supply Issues Continue

LNG

European LNG prices fell 7.9% on Monday to below EUR 40 due to forecasted warmer than usual weather which is likely to delay the heating season. Prices closed at EUR 38.57, close to the intraday low of EUR 38.40. North Asian prices were also lower falling 1.6% after rising over 10% in September as Japan restocked.

  • European storage is now at over 95%, according to Bloomberg. Industrial usage also remains soft. But Norwegian output remains well below usual as maintenance at key fields is prolonged. Also, the Netherlands has closed its Groningen gas field due to it causing earthquakes in the region. Italy is also observing that flows from Algeria are down.
  • Bloomberg is reporting that S&P Global Commodity Insights expects that gas demand will increase 5.9% y/y in Q4 after being weak through most of 2023.
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