Despite supply outages in Norway and the U.S., natural gas and LNG prices are down 2%-3% on the week (of Feb. 4) due to weak demand in Europe and Asia.

In Europe, Title Transfer Facility (TTF) prices for March delivery fell 3.3% week-on-week to approximately $9 per million British thermal units (MMBtu) on Feb. 6, with Asian spot LNG prices down to $9.2 per MMBtu, erasing last week’s gains (week 5).

EuropeUnderground gas storage facilities in Europe are presently 68.6% full, lower by 3.8% to around 79 billion cubic meters (Bcm).

Average withdrawals from storage fell 7.4% on the week to approximately 500 million cubic meters per day (MMcmd), compared to 590 MMcmd in the same period last year.

LNG for delivery into Europe was trading 5.1% lower at approximately $8.35 per MMBtu on Feb. 6.

Saying that, LNG imports remain robust, with Europe importing 11.93 million tonnes (Mt) so far in 2024, compared to 12.04 Mt in 2022 and 11.84 Mt in 2023.