North American natural gas prices continued to show a modicum of stability this week as across the pond supply fears sent prices spiralling. Amid mild weather conditions, the January Nymex gas futures contract settled 5.5 cents higher day/day on Wednesday at $3.802/MMBtu, while February rose 4.8 cents to $3.761.

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Rystad Energy analysts said that bearish sentiment has taken hold in the United States with a tight domestic market unlikely in the foreseeable future. The U.S. Energy Information Administration (EIA) sees longer term production continuing to increase from 95.1 Bcf/d in October to 97.5 Bcf/d in December 2022, which would be a new record high.

Over in Europe, however, natural gas prices are again surging amid supply scarcity and mounting geopolitical tensions. This is...