COM - Europe energy prices retreat on warm weather armada of LNG tankers

Europe's acute energy price pain appears to have passed for the moment, as rising temperatures and 20+ cargoes of liquified natural gas head to the Continent. Prices for January natural gas futures at the Dutch TTF hub have fallen from a recent high of ~$60/mmbtu to ~$42/mmbtu; comparable to year ago prices of ~$5/mmbtu and US natural gas prices at ~$4/mmbtu (NG1:COM). Driving the decline, winter temperatures look to reach into the 50s (NYSE:F) / 20s (NYSE:C) across major population centers later this week.  At the same time as weather warms, a significant supply response is sailing across the Atlantic, with 20+ gas cargoes en route to Europe from Gulf Coast and Caribbean liquefaction plants owned by BP (NYSE:BP), Shell (NYSE:RDS.A), Exxon (NYSE:XOM), Cheniere (NYSE:LNG) and others, according to Bloomberg.  Nevertheless, Russia's Yamal pipeline remains shut to European gas importers, while European natural gas inventories remain at the lowest seasonal level

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Europe energy prices retreat on warm weather, armada of LNG tankers