LNG

European liquefied natural gas prices declined for a fourth week even as some European Union nations began drawing on record storage levels attained without Russian pipeline gas while North Asian spot cargo prices increased and cargo flows were high to China.

Gazprom, the Russian pipeline natural gas supplier in competition to LNG, said it produced slightly more gas in January 2022 than last year, though supplies to Western Europe dropped more than 40 percent during the month compared with January 2021.