Europe’s benchmark natural gas prices extended losses on Monday and began a sixth week of declines amid comfortable inventories and tepid gas demand in Europe and Asia.
Milder weather, the end of a supply outage in Norway, and expectations of stronger winds in northwest Europe sent on Monday European benchmark natural gas prices down by 4% to the lowest level since September 2021.
Europe’s benchmark gas prices extended losses early on Wednesday, falling by 3% in early trading in Amsterdam for a 25% decline so far this month, as inventories are high and milder weather is expected to return.
New LNG projects are driven mainly by a short-term increase in natural gas demand in Europe and Asia.