SAFAKNA, TURKEY. The arrival of a warmer-than-expected winter for several weeks in much of the world, especially in the United States, eased fears of a gas crisis that is expected to cause blackouts and higher electricity bills.
Forecasts indicate that over the next few weeks much of Europe and the US will experience above-average temperatures. Over the next 10 days, weather conditions will become milder across much of China, the world’s largest gas importer, and temperatures could rise in Tokyo in mid-January.
Gas futures are falling fast
Gas futures are falling sharply due to lower fuel consumption and a weaker outlook. US benchmark prices fell 12 percent on Tuesday to below $4 per million Btu for the first time since February.
Much of Southern and New England closed the month warmer than average, despite a winter storm that swept through the United States in December, according to Brett Anderson, meteorologist for AccuWeather, raising gas forecasts.
“That means there will be less competition”
Abhishek Rohatgi, Singapore-based researcher at BloombergNEF, said: “The risk of over-congestion in the market, which people were worried about before the start of winter, now seems low. “As Europe rebuilds supplies, warmer weather in North Asia means there will be less competition for LNG cargoes.”
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