欧洲天然气期货自20个月低点反弹 LNG流量放缓引发供应平衡担忧

Core Viewpoint - European natural gas futures prices have started to rebound after hitting a 20-month low, as traders assess the impact of slowing liquefied natural gas (LNG) flows on supply balance in the region [1] Group 1: LNG Supply and Demand - LNG imports in Northwest Europe and major ports in Italy have seen a slight decline since December compared to the previous month [1] - Mild weather has suppressed heating demand, yet Europe still needs to attract stable fuel inflows, keeping natural gas prices fluctuating within a relatively narrow range this week [1] - Analysts from Royal Bank of Canada (RBC) indicate that due to low inventory levels, Europe will need to continue purchasing LNG this winter, leaving room for slight price increases in the first quarter [1] Group 2: Weather and Inventory Conditions - Weather forecasts predict temperatures will be above seasonal averages for the remainder of the month, although there is a possibility of colder temperatures in January [1] - Current natural gas storage filling rates are below 72%, compared to a five-year average of 81%, although the extraction rate of natural gas has recently slowed [1] Group 3: Market Pricing - As of the latest update, the January 2026 contract price for Dutch TTF natural gas futures rose by 1.3% to €26.96 per megawatt-hour, after previously hitting the lowest point since April 2024 [2]