EU natural gas prices get weaker – ING

FXStreet Insights Team FXStreet

In Europe, refined product inventories in the ARA region increased by 50kt WoW to 6.77mt. The increase was driven by gasoline stocks which grew by 120kt. All other products saw a decline in inventories with gasoil stocks falling by 35kt. However, with gas/oil inventories still standing at 2.47mt, they are at very comfortable levels for this time of the year, ING’s commodity analysts Warren Patterson and Ewa Manthey note.

European natural gas prices come under further pressure

“European natural gas prices came under further pressure yesterday. TTF fell by 1.26% to settle just below EUR45/MWh. This leaves total declines at more than 9% so far this week. The forecast for North West Europe shows some milder weather next week, which will be easing some concerns.”

“In addition, the spread between European and Asian LNG prices means that Europe should be a more attractive market for LNG. EU storage is now 68% full, down from 83% at the same time last year and below the five-year average of 74%.”

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