Despite a precipitous slide in global natural gas prices over the last year and easing demand, buyers in Europe and Asia are likely to face a tighter market for years to come.

For much of the week, liquefied natural gas to Asia held under $13/MMBtu while the prompt Dutch Title Transfer Facility moved closer to $14/MMBtu. European LNG prices have now declined more than 40% year/year, while April looks poised to set a record for imports to the region.

International gas market expert Ira Joseph, global fellow with Columbia University’s Center on Global Energy Policy, said the seeming slip in prices may feel like a relief for natural gas buyers after the heights of last year, but historically, current prices are “still nothing to sneeze at.” 

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