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Global Natural Gas Prices Ease With Adequate Stocks For Upcoming Winters

Global Natural Gas Prices Ease With Adequate Stocks For Upcoming Winters

Global Natural Gas Prices Ease With Adequate Stocks For Upcoming Winters

  • 14-Nov-2022 7:11 PM
  • Journalist: Rene Swann

Hamburg, Germany- The global Natural Gas prices plummet due to sufficient product availability in the market, slowing down trading activities. Despite a historic energy crisis that has already driven consumer bills to record levels, European Natural Gas declined as mild weather kept heating demand at bay. In the previous week, there was an 8.1% drop in benchmark futures, the most significant drop in more than a week. With a slightly warmer forecast, fuel at storage sites is delaying its use, allowing it to be stored longer for winter. According to Gas Infrastructure Europe, German stockpiles are more than 99% full, declining the price trend. On 14th November 2022, the price of Natural Gas in Germany settled at USD 121.5 per MMBtu

With the week ending on 11th November 2022, Natural Gas futures in the Netherlands at the Title Transfer Facility (TTF) decreased to a weekly average of $33.95/MMBtu. The bidding for the new stocks remains limited, and industrial operational units are buying the product on a need-to basis.

In the USA, the price of Henry Hub Natural Gas was USD 5.93 per MMBtu. Prices fell from the start of November after tweets claimed that a Texas gas export terminal, shut down since a June fire, would be further delayed. The demand from regional utilization and commodities is seen falling with supply from production, and imports rose, leading to bearish Natural Gas prices.

According to ChemAnalyst, the price of Natural Gas in the global market will face a Southward trend with sufficient product availability for the upcoming winter. Warm weather helped European households reduce natural-gas consumption last month, relieving a tight market. Following a slump in Russian gas supplies, governments across the region have urged consumers to reduce their Natural Gas use. Lower costs and rising stock volume in the storage tank are expected to lessen trading action with adequate inventories.

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