EU gas prices continue to decline – ING
|In gas, natural gas prices in Europe extended declines for a second straight session in the early trading session today, after falling around 4.7% week-on-week as of last Friday, ING’s commodity analysts Warren Patterson and Ewa Manthey note.
Gas prices under pressure as heating season ends
"Prices came under pressure as the heating season came to an end, and the market focus shifted towards the inventory refill for next winter. Along with that, warmer weather forecasts and strong flows of liquefied natural gas are further weighing on prices."
"Meanwhile, the new storage season kicks off on 1 April, while concerns over the pace of storage injections still persist, given the lower level of inventories. The latest GIE data shows that storage is 33.7% full as of 29 March, below the five-year average of 45% and lower than the 58.7% levels seen at the same stage last year."
"China has issued its second batch of export quota for clean products, with 12.8mt of exports allocated to refiners. The export quota is down 8.6% compared to last year. In its first quota, China allowed refiners to export around 19mt of clean products, similar to the first quota for 2024."
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