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Investing.com -- European natural gas prices declined in mid-morning trading on Friday, driven down by indications of increasing supply and diminishing geopolitical concerns.
The benchmark Dutch TTF dropped 1.3% to €31.94 a megawatt hour.
According to analysts at ANZ, "Futures fell on reports about the imminent startup of the Golden Pass LNG project in Texas. It’s one of the biggest export facilities to come online and heralds a wave of supply that threatens to push the market into surplus next year."
The market is also responding to reduced demand from China, which has lessened competition across liquefied natural gas markets. This development has made more cargoes available for European markets as the region prepares for the upcoming heating season.
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