Asia, Europe Prices Go on Heading Down Amid Oversupply

摘要

Prices in Northeast Asia have shed a further 65 0 to $ 11.25 per million Btu — levels last seen in early March 2011 and a full $7 lower than their February 2014 peak — on continued oversupply and muted demand, according to WGI assessments for cargo deliveries four to eight weeks ahead. Prices in Southwest Europe fell 400 to $10.40/MMBtu. The UK National Balancing Point (NBP) day-ahead price assessed by WGI rose 160 to $6.60, while August NBP futures inched up 60 to $6.78. Netbacks for Mideast sellers were just over $1 higher on Asian than Southwest Europe deliveries, while UK-Belgian netbacks for Mideast sellers lagged Asia by almost $5.