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Europe’s benchmark natural gas price fell 5 percent on Monday, weighed down by strong pipeline supplies from Norway and a sell-off on concerns about a worsening U.S. economy. Business.
The Dutch TTF futures, the European natural gas trading benchmark, fell 5% to 34.80 euros/MWh. Concerns about Mediterranean supplies amid escalating tensions between Israel and Iran caused European natural gas prices to rise 13% last week. Strong demand for liquefied natural gas (LNG) in Asia is pulling more supply into the continent and less into Europe, where prices are below current Asian prices.
However, the week started with lower gas prices for wholesale reference prices in Europe and the UK. Higher Norwegian offers compared to previous weeks have impacted European prices.
But the sell-off in stocks and commodities dragged down all commodities on Monday, especially crude oil and European natural gas. Fears of a U.S. recession spread to European stocks and commodities on Monday after weaker-than-expected jobs data on Friday.
A mild winter and ample gas storage helped Europe weather a second straight winter without much of its Russian pipeline gas. European LNG flows could fall if Asian demand picks up, one driver of the bullish outlook for European prices, but concerns about a recession and weak demand could change the outlook later this year.
According to data from Gas Infrastructure Europe, European gas storage facilities were 85.70% full on August 3. PSP Okoli had an occupancy rate of 76.2%.
(24sata.info)
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