LNG Upends Europe’s Gas Market

Low liquefied natural gas (LNG) spot prices amid abundant supply and weaker Asian spot demand this year have helped Europe to fill its storage tanks to more than average levels this summer. Natural gas prices in Europe dropped to a ten-year low in early July as Russia and the United States continue to fight for market share. Thanks to the lowest natural gas prices in a decade, storage tanks in many European countries are higher than the five-year average well ahead of the coming heating season. Traders continue to ship LNG cargos to Europe, potentially…