Europe could soon be awash with gas as another mild start to winter delays heating demand.
European gas prices have slipped about 80% in the past year with the region looking well supplied, even as risks — from strikes in Australia to extended Norwegian maintenance — have kept the market on tenterhooks. Big inventories mean there’s a lower threat of price spikes ahead of winter, Goldman Sachs Group Inc. said.
But even in a mild winter, any supply disruptions could still cause temporary price spikes. An unplanned outage at the Freeport LNG plant in the US this week and extended maintenance in Norway — while short-term issues — have increased market volatility. “We would expect more floating storage before the heating season,” Richard Tyrrell, chief executive officer of LNG shipowner Cool Co., said at a conference in London on Tuesday.
Although there’s still room to store gas on tankers, they’re usually only used for a month or two at a time, partly due to vessel-chartering costs and the natural loss of super-chilled fuel over time.
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