European natural gas market enters backwardation as storage drops and usage rises while Asian LNG values fall
European natural gas entered backwardation as prices in Europe and Asia dropped to three-year lows even as demand increased as temperatures fell and gas storage levels registered large draws, while US and UK air raids on Yemen still failed to push oil over $80 a barrel.
European LNG prices drop further 10 percent on week as North Asia spot market set for reignition
European natural gas and LNG prices dropped by another 10 percent even as European Union gas storage levels had their biggest decrease of the winter season and the EU’s latest LNG price assessment surpassed the existing Dutch Title Transfer Facility (TTF) valuation while North Asian spot cargo prices were higher.
European LNG retains substantial premium over North Asian spot prices because of Asia’s power flexibility
European natural gas market prices remained at a substantial premium to North Asia spot LNG values, which were now even lower than the UK National Balancing Point price for November as LNG demand was very high in Europe for early winter, while Asian countries appeared comfortable with their current flows and storage as coal remained an easy option there in colder weather.
European natural gas and LNG values quoted at $74 per MMBtu as Gazprom Nord Stream set for three-day halt
Russian natural gas deliveries to Germany via the Nord Stream I pipeline, the main route for Russia’s gas exports to the European Union, will be temporarily halted again for three days on the night of Wednesday August 31.
European natural gas and LNG markets produce winter prices in mid-summer while Asia spot values jump
European natural gas and LNG prices soared again and sent a chill through the mid-summer energy markets with elevated winter prices arriving early and similar to seven months ago while North Asia spot values jumped amid the expectation of more competition for cargoes.
