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LNG supply takes another blow

Close price: Prices closed higher yesterday with demand out turning much higher right now than the seasonal average. A tight oil market has seen its price rebound to $117, while European gas storage levels are now below the 5 year average (57% vs 59%)

Opening price: Prices having opened much higher as Shell announced ongoing strike action by workers at it’s Prelude facility in Australia will cause disruption for ‘at least 2 weeks’. This news has added to the global concern of LNG supply which is already hampered by the extended Freeport outage. UK gas demand remains considerably higher than average for this time of year