Europe's Gas Edges Lower After Monday's Rally
0956 GMT – European natural-gas prices edge lower in early trade following the previous session's rally. The benchmark Dutch TTF contract is down 1.2% to 57.32 euros a megawatt hour after breaking above 58 euros, the highest level in two years. Colder temperatures and low wind speeds have boosted gas demand in recent weeks, contributing to a sharp decline in inventories. 'EU gas inventory utilization is currently at 48.5%, and we might drop as low as low-30s by the end of the winter,' analysts at DNB Markets DNB 0.33%increase; green up pointing triangle say. Prices are also driven by a slowdown in global LNG supply growth over the past three months, according to the analysts. However, as gas prices rise, some emerging markets in Asia are experiencing lower demand, leaving more LNG available for Europe. (giulia.petroni@wsj.com)
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