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Prices continue on a downward trend - 11-01-2022

Closing Price: Markets moved lower for a second day with LNG deliveries across the UK and Europe ramping up. The UK is now expected to see 23 cargoes arriving before the end of the month. EU gas storage levels also appeared to show an unexpected slight increase due to absent data from Italy’s stogit facility now being recorded.

However, overall the EU still sits at 52% levels and expected to drop below the half way mark this week. With most of January and February still to ride out, levels could drop to lows never seen in recent history, but with the support LNG delivery is offering, it is easing fears.

Opening Price: Prices have opened lower, to continue the downward trend with an oversupplied system and abundance of LNG arriving. Feb-22 finally broke below the 200p/therm resistance point for the first time since the start of November. Russian gas flows through the Yamal pipeline still remain at 0.