Euro Gas Prices Plunge To 10-Year Low

Natural gas prices in Europe are set to drop even lower than the current ten-year lows this fall.

Storage facilities across the continent are fuller than usual for this time of the year. Natural gas suppliers are not expected to curb deliveries despite the low prices, abundant supply, and tepid demand. The winter heating season in October is set to begin with temperatures around or above seasonal norms, early forecasts suggest.  

All these factors combine to create a perfect storm for natural gas prices in Europe, which are set for a further fall this fall, at least until winter comes, analysts and industry professionals tell Bloomberg.

Low liquefied natural gas (LNG) spot prices amid abundant supply and weaker Asian spot demand have helped Europe to fill its storage tanks to more than average levels this summer.

Natural gas prices in Europe dropped to a ten-year low in early July as Russia and the United States continue to fight for market share.

As of September 2, storage facilities in Europe were 92.95 percent full, according to data from Gas Infrastructure Europe. The levels of natural gas in storage now are much higher than what is typical for early September.

Source / More : By Tsvetana Paraskova for Oilprice.com

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