Natural gas prices in Europe fell for the fifth consecutive day, as mild and windy weather helped protect stocks from faster depletion. Gas futures fell on Monday after falling 2.8% last week. This is reported by Bloomberg, reports UNN.
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Over the weekend, a road storm passed through the UK, which contributed to an increase in electricity production from wind and reduced the use of gas for electricity generation.
Temperatures are expected to drop slightly in the coming days and wind speeds will subside, but mild and windy weather will return next week. This could reduce gas consumption when new supplies start arriving in Europe, ensuring record imports of liquefied natural gas since January.
Some LPG supplies have been delayed in Wales due to a stormy weekend, but one ship is already being unloaded and four more are due to arrive this week, according to data provided by Bloomberg and port authorities.
Demand in Asia will remain low as China, the largest consumer, may resell more shipments of liquefied natural gas. This is due to weak domestic demand and better resale prices, according to Chinese importer ENN Group.
Gas futures in the Netherlands, the European benchmark, fell 0.7% to €46.16 per megawatt-hour as of 08:49 am in Amsterdam. The same indicator for the UK fell by 1.1%.
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Russian dictator Vladimir Putin canceled obligations for foreign companies to pay for Russian gas only through Gazprombank amid US sanctions.