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  4. European Gas Futures Hit Lowest Since July on Demand Moderation
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European Gas Futures Hit Lowest Since July on Demand Moderation

By Geoffrey Smith AiVIF.com -- Benchmark natural gas prices in Europe fell to their lowest in two months on Monday as the ongoing drop in demand from industry encouraged hopes...
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European Gas Futures Hit Lowest Since July on Demand Moderation © Reuters.

By Geoffrey Smith

AiVIF.com -- Benchmark natural gas prices in Europe fell to their lowest in two months on Monday as the ongoing drop in demand from industry encouraged hopes that the continent will be able to get through the winter without imports from Russia.

The front-month Dutch TTF contract, which acts as a reference for all of northwest Europe, fell to as low as 171.30 euros a megawatt-hour before retracing a little to stand at 177.50 EUR/MWh by 05:45 ET (09:45 GMT), a drop of 5.7% from Friday's close. 

Prices are now down by nearly 50% from their peak earlier in the summer, when Russia's decision to stop all gas flows through the Nord Stream 1 pipeline triggered fears of widespread rationing across the continent.

Russian imports typically account for 40% of the European total, but they are currently running at less than 10% of imports, reflecting European success in sourcing alternative gas over recent months, largely in the form of liquefied natural gas, or LNG. The decline in prices has accelerated as plans to impose consumption caps this winter have slowly taken shape. These are still to be finalized, however.

Mandatory demand caps would compound the ongoing demand destruction caused by the summer spike in prices, which has crippled much of the continent's energy-intensive industry, especially its fertilizer and chemicals companies.

German industrial demand, which was running only 3.6% below 2021 levels as late as April, was down 22% from 2021 levels in August, according to data from German gas market operator Trading Hub Europe.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

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Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Neutral

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Gold Futures

2,295.80

-7.10 (-0.31%)

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Silver Futures

26.677

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Copper Futures

4.5305

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Crude Oil WTI Futures

81.14

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Brent Oil Futures

85.62

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US Coffee C Futures

213.73

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Euro Stoxx 50

4,920.55

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S&P 500

5,035.69

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

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Sell

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17,763.03

+16.12 (+0.09%)

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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10,854.40

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Neutral

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49.155

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27.35

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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