European Gas Falls as Ample Supplies Outweigh Red Sea Risks
- Traders confident that market is well supplied for winter
- LNG vessels operated by Qatar have halted near Suez route
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European natural gas prices edged lower as the region’s stockpiles remained robust amid winter weather warnings, even after Qatar appeared to have paused movements of liquefied natural gas tankers through the Red Sea.
Benchmark futures dropped as much as 5.6% on Monday after closing higher on Friday. While volatility has become a fixture of the market, traders are finding comfort in the fact that the continent is on a relatively stable footing this winter after amassing record amounts of gas last year. Industrial demand for the fuel remains sluggish.