 |
Louisiana Light • 1 day | 69.63 | -6.78 | -8.87% | ||
|
Bonny Light • 227 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 1 day | 75.35 | -2.09 | -2.70% | ||
|
Mars US • 518 days | 72.90 | -1.12 | -1.51% | ||
|
Gasoline • 11 mins | 2.044 | -0.120 | -5.54% |
|
Bonny Light • 227 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 227 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 1 day | 75.35 | -2.09 | -2.70% |
|
Peace Sour • 10 hours | 58.95 | -4.76 | -7.47% | ||
|
Light Sour Blend • 10 hours | 59.20 | -4.76 | -7.44% | ||
|
Syncrude Sweet Premium • 10 hours | 63.45 | -4.76 | -6.98% | ||
|
Central Alberta • 10 hours | 58.80 | -4.76 | -7.49% |
|
Eagle Ford • 1 day | 63.43 | -4.76 | -6.98% | ||
|
Oklahoma Sweet • 1 day | 63.50 | -4.75 | -6.96% | ||
|
Kansas Common • 1 day | 53.78 | -4.76 | -8.13% | ||
|
Buena Vista • 4 days | 70.40 | +1.10 | +1.59% |
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Europe’s Natural Gas Prices Drop as Supply Concerns Ease
Europe’s benchmark natural gas prices fell on Wednesday for a second consecutive day amid milder weather and increasing LNG supply as Chinese demand weakens.
Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, fell by 1.5% at $44.19 (40.92 euros) per megawatt-hour (MWh) as of 9:18 a.m. in Amsterdam on Wednesday. The front-month futures price slid for a second straight day, following a 3% slump on Tuesday after news broke that Ukraine and Russia had agreed to a partial ceasefire in the Black Sea.
The ceasefire, however, remains elusive as Russia set conditions for implementing a naval ceasefire in the Black Sea—removal of some sanctions on Russian banks and agriculture and fertilizer trade.
Still, European gas prices continued their downward move on Wednesday amid milder spring weather in northwest Europe and a rise in LNG cargo arrivals this month.
LNG imports by key consuming countries in northwest Europe have jumped so far this month, according to ship-tracking data compiled by Bloomberg.
Despite the recent drop in European benchmark gas prices from the a two-year high in the middle of February, Europe continues to draw LNG while spot LNG prices in Asia remain close to the three-month low amid weaker demand.
Europe could have easier months ahead for LNG procurement as Chinese LNG imports are expected to drop this year, according to the latest estimates from BloombergNEF. China is set to see the first annual decline in LNG imports since 2022.
European gas prices have retreated since mid-February as the heating season and winter are coming to an end, and solar and wind power generation is picking up to regain some share of the European power generation mix, following prolonged periods of wind speed lulls and little sunshine in Europe during the winter.
The recent decline in natural gas prices in Europe could also offer some relief to power prices, which have remained high this winter on the back of the high natural gas price.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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