European natural gas fell for the fifth consecutive day. The weather is expected to improve and there are more chances that the US will reopen an old export terminal.
Gas extends weekly losses
European natural gas slid for a fifth straight day as the weather looks to turn milder and prospects rise that a long-shut export terminal in the US might resume shipments later this quarter.
#European natural gas slid for a fifth straight day. Benchmark futures fell as much as 4.9% after closing at the lowest level in more than 16 months on Thursday. Dutch front-month gas, Europe's benchmark, traded 1.9% lower to below €54 a megawatt-hour. https://t.co/4QOzbD0qb6
— Share_Talk ™ (@Share_Talk) January 27, 2023
Benchmark futures fell as much as 4.9pc after closing at the lowest level in more than 16 months on Thursday. The contract is heading for its biggest weekly loss since December.
Freeport LNG in Texas, which recently finished repairs after an explosion last summer, received approval from regulators to resume some operations.
Many analysts expect the plant — which previously accounted for about 15pc of US liquefied natural gas shipments — to restart exports around March.
Dutch front-month gas, Europe’s benchmark, traded 1.9pc lower to below EUR54 a megawatt-hour.
