Prices rebound in Europe, Asian LNG prices steady above long-term oil-indexed levels

Falling LNG sendouts since the beginning of June in NW Europe (see the graph in our Daily Gas section) and steady gas-to-power demand notably for cooling purposes dragged European prompt gas prices higher on Thursday after two days of easing. Planned maintenance work at the Dutch Gate LNG terminal and the French Fos Cavaou LNG terminal have cut sendouts from those entry points recently and may have also played in the bullish sentiment on the prompt. Strong coal prices on the back of a Chinese coal market rally continued to be supportive for the curve with the API 2 Cal 2022 contract trading above the $80/t mark since the beginning June.