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European gas prices slumped as mild weather and reduced industrial consumption built inventories unusually fast. EU and UK storage is the second-highest for the time of year in a decade and is on course to finish winter at an exceptionally high level.
Plentiful European storage reduces the need for LNG imports over the coming months, weakening global LNG demand and natural gas prices. Lower gas costs also ease energy expenses for European feed and fertilizer producers.
reuters.comJohn KempJan 5, 2023After 104 past bearish weather events, Natural Gas moved a median -7.8% over 5 sessions (22% higher; middle half -14.8% to -0.8%), and -3.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
