Natural Gas Prices Sink as Warm Weather and Oversupply Dampen Demand
• Natural gas prices drop 10% as COP28 disappoints with easing rather than phasing out of fossil fuels • Demand falling as European tanks remain full, Chinese demand declines, weather forecasts show no extreme cold • Asian traders seeking to offload LNG surplus in Europe where dependency still high • Technical analysis sees further downside risk for natural gas prices, with support only near $2.10 • US dollar steady ahead of last 2023 Fed meeting and CPI data release this week