Commodities
EU Gas Prices Fall Below €73/MWh Amid Softer Demand and Higher US Supplies
European natural gas prices have seen a decline after recent gains, falling below €73/MWh on Friday. This drop in price comes as softer Asian LNG demand and higher US supplies offer some relief to the European market.
The US LNG exports rose to 10.9 million tonnes in September, with Europe receiving 5.91 million tonnes, or 54% of total shipments. This increase in supply has allowed buyers to refill their inventories ahead of winter.
However, EU gas storage is around 71% full, which is below the five-year seasonal average of 87%. Germany's inventories are just above 57%, leaving Europe more exposed to disruptions if supplies are disrupted.