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(Bloomberg) — European natural gas fluctuated near a three-week low, with traders weighing ample supply against emerging pockets of demand across the globe.
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Benchmark futures hovered around €33 a megawatt-hour after three days of declines.
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While there are signs that some global buyers of the fuel may see demand pick up, Europe has made relatively good headway in building up inventories so far this summer. Liquefied natural gas imports are expected to hit a record this year, the International Energy Agency said in a report on Tuesday.
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After a turbulent June, prices have stayed in a lower range this month as Europe makes progress on refilling its storage sites, despite outages in top supplier Norway. Strong output in the US, the world’s biggest LNG producer, is helping to boost the supply outlook.
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Still, the region competes with other major consumers for global gas cargoes, which means it needs to pay up to keep the fuel coming. Most recently, Egypt increased imports after two new LNG floating terminals became operational, and above-average temperatures in Japan risk raising gas demand there. Southern Europe is also on alert for blistering heat, which could boost power generation needs.
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Overall, global gas demand is expected to slow down this year before accelerating in 2026, the IEA said in its report. “A strong increase in LNG supply is set ease market fundamentals and foster more robust demand growth in Asia’s price-sensitive markets,” it said.
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Dutch front-month futures, Europe’s gas benchmark, were little changed at €33.21 a megawatt-hour by 2:50 p.m. in Amsterdam.
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