European Gas Steadies With Weather, Asian Competition in Focus
- Recent warmth delayed heating demand, but weather gets colder
- Some LNG tankers head off to Asia as European prices fell
Floating storage regasification units at the deepwater port in Eemshaven, Netherlands.
Photographer: Peter Boer/BloombergThis article is for subscribers only.
European natural gas steadied, with traders focusing on weather forecasts, while some fuel cargoes are starting to divert away from the region.
Benchmark futures settled 0.3% lower after surging as much as 10% earlier. The recent warmth, strong imports of liquefied natural gas and fuller-than-normal gas stockpiles have given Europe a much-needed reprieve from the energy crisis with prices losing more than 60% from August peaks.