European natural gas prices dropped below €53/MWh, falling from a 15-month high, after China imposed a 15% tariff on US LNG in retaliation for US tariffs on Chinese goods.
Gas prices drop on China tariff news
This move is expected to redirect US LNG supplies, potentially to Europe, as Chinese importers look to offload their US purchases. While European gas storage levels are currently lower than normal (below 53% capacity compared to 69% last year) due to a colder-than-expected winter, a warmer February forecast may reduce demand.
Mixed results for european gas storage
Despite this, Europe narrowly met its February storage targets, with some countries like France falling short.
