European Gas Drops for Third Week Amid Mixed Demand Signals
- Industrial usage has been muted as region recovers from crisis
- Rising coal prices spur switch to gas for power generation
Weak demand, high inventories and near-record LNG imports have helped to keep prices in the current range.
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European natural gas prices fell for a third week as markets weighed a mixed outlook for demand against maintenance at Norwegian facilities that may reduce near-term supply.
Industrial demand has been muted in recent months as the region recovers from a historic energy crisis. An influx of liquefied natural gas has also helped to keep stockpiles about 57% full on average, well above usual for the time of year and contributing to pushing benchmark gas prices lower.