European gas prices slide to 9-month lows – ING

FXStreet Insights Team FXStreet

In gas, natural gas prices in Europe extended declines for a fourth straight session and fell around 4.9% day-on-day at one point in time to trade below EUR32/MWh (the lowest since July) on Friday, ING's commodity experts Ewa Manthey and Warren Patterson note.

US natural gas stays weak amid mild weather

"Prices came under pressure following the increased supply availability and lower demand in Asia. Europe is steadily expanding its gas storage, fuelling optimism about the timely availability of supplies for the upcoming heating season."

"The latest GIE data shows that storage is more than 38% full as of 26 April, compared to a five-year average of 48.7% and the 61.7% levels seen at the same stage last year. Meanwhile, there are suggestions that shipments of liquefied natural gas have been arriving at higher levels than usual for the time of year amid weaker consumption in Asia."

"Similarly, US natural gas prices hovered near the lowest level since November following the mild weather and ample inventories. There are suggestions that the weekly inventories will continue to report inflows, after witnessing a higher-than-expected increase last week, as weather remains unfavourable. Total stockpiles are nearly in line with the five-year average, and there is plenty of stored gas heading into summer."

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FXStreet Insights Team

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