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Investing.com -- European natural gas prices are set to record nearly 3% in weekly gains due to concerns over future supplies and an expected cold snap that could further reduce reserves. The benchmark Dutch TTF has risen by 0.5% to 54.80 euros per megawatt hour in early trade, surpassing 55 euros in the previous session.
As of Wednesday, the EU’s gas storage was 50.6% full, a situation that could make replenishing supplies difficult before the onset of next winter. Investment funds maintaining their bullish positions and Europe’s growing demand for liquefied natural gas volumes are also contributing to the price support.
DNB Markets noted, "The market is desperately trying to attract sufficient LNG cargos, and the current price levels indicate a premium for LNG cargos to Europe compared to Asia."
The market’s urgent need to attract enough LNG cargos is evident in the current price levels, which indicate a premium for cargos destined for Europe compared to those for Asia. This is according to a statement by DNB Markets, which also noted a 1.36% drop.
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