European Natural Gas prices fell sharply as forecasts pointed to warmer weather and strong LNG send-outs eased immediate supply concerns, ING’s commodity experts Ewa Manthey and Warren Patterson note.

Gas storage tightens even as prices fall

“European Natural Gas prices came under significant pressure yesterday, with TTF falling more than 5.5% over the day. While the weather in Europe has been colder than usual recently, forecasts indicate milder conditions later in the month. LNG send-outs have been seasonally strong, which will help ease any supply concerns in the market.”

“However, Gas storage has now fallen below 60%, well below the 5-year average of 73% full, which should limit further downside in the short term.”

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