European gas price has risen in recent days, but the situation in the market is likely to remain relaxed in the short term, Commerzbank’s commodity analyst Carsten Fritsch notes.
Demand for natural gas in Europe remains weak “Although the European gas price has risen in recent days due to rising temperatures and the associated higher demand for air conditioning, the situation is likely to remain relaxed in the short term. This is because gas storage facilities are already 84 percent full, which is a good 7.5 percentage points more than usual at this time of year.
In addition, according to theIEA's quarterly report on the gas market, the US, Europe's largest LNG supplier, will bring further export capacities into operation in the second half of the year.” “Demand in Europe remains weak.
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