European pricesEuropean Natural Gas Prices Largely Unchanged, Market Awaits EU Price Cap Plan, ANZ Bank Says
06:48 AM EST, 11/11/2022 (MT Newswires) -- European natural gas prices were largely unchanged as warm weather kept demand in check, Australia's ANZ Bank said in a Friday note.
The market is watching out for any update on the European Union's plan to introduce price caps on gas. ANZ Bank said that the industry has indicated that a price cap could shift supply away from Europe while encouraging more demand. The bank added that German energy company RWE AG has warned that government intervention should be short and sharp.
North Asia liquefied natural gas prices held steady as Russian cargo heads to the region, with Sakhalin Energy selling three spot shipments for loading in December, ANZ Bank said. The report added that China National Offshore Oil Corp., the country's largest LNG importer, warned that 2022 consumption will fall 1% year over year to 364 billion cubic meters.