European Gas Extends Losses Amid Rising Supplies, Mild Weather [Business News Network (BNN) (Canada)]
Maxar Technologies Inc. (MAXR)
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Source: Business News Network
Benchmark European gas for next month dropped as much as 6.2% to 66 euros a megawatt-hour on Monday, falling for an ninth day in the longest streak of losses in seven years. More liquefied natural gas is heading to Europe, while mild temperatures are set to reduce demand for the fuel. European gas tumbled 30% last month after high volatility, with prices rising to record highs before Christmas amid declining Russian flows, then falling sharply as more U.S. tankers started to turn to Europe, bringing relief to the markets. Global liquefied natural gas exports jumped to a record last month as projects ramped-up output and utilities boosted imports to restock inventories, according to ship-tracking data compiled by Bloomberg. Qatar, the U.S. and Australia -- the world's top three exporters of the super-chilled fuel -- all boosted output in December compared to the previous year. U.S. LNG Cargoes Depart on New Year's Eve Heading for Europe Unseasonably mild temperatures are forec
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