Equinor ASA expects competition for LNG with Asia and weather to be the largest drivers of European natural gas prices as markets continue to shift, creating a floor for global benchmarks.

After another mild winter helped Europe exit its second heating season without major Russian pipeline gas supplies and sizable storage inventories, CFO Torgrim Reitan told analysts during the first quarter earnings call that global prices are “stabilizing a little bit.” 

While global liquefied natural gas prices still remain elevated compared to pre-2022 levels, that stability could be inspiring some European industrial end users to increase demand in the near future.

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