European Natural Gas Prices Rise as Supply Risks Offset Mild Late-Winter Temperatures
European natural gas futures ended a three-day losing streak as traders weighed ongoing supply risks against unusually mild weather.
The benchmark contract saw a slight increase after falling nearly 8% over the previous three trading sessions. With the US deploying large-scale military forces in the Middle East, the ongoing Russia-Ukraine conflict, and Ukraine reporting another attack on its natural gas production facilities, the overall energy market remains tense.
Recently, declining heating demand has allowed some countries, including Germany, to reinject small amounts of surplus natural gas into storage facilities. However, the market remains concerned about the upcoming restocking season and the need to import large quantities of LNG to replenish inventories.
The conflict in the Middle East threatens a key shipping route that handles about 20% of the world's LNG transport; meanwhile, declining natural gas production in Ukraine may force it to increase imports, including purchases from the European Union.
Morgan Stanley global commodity strategist Martijn Rats stated, "Prices will be supported throughout the summer as Europe must offer high enough bids to attract LNG cargoes."
As of 1:43 p.m. Amsterdam time (UTC+8), Europe's benchmark Dutch front-month natural gas futures rose by 1.4% to €31.34 per megawatt-hour.
Editor: Li Zhaofu
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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