We are moving towards the peak of winter with European gas storage at its lowest levels in at least a decade for this stage of the year. It’s around 65% full compared to a 5-year average of around 82% at this stage of the year. Inventories are also drawing at a quicker than usual pace, .
Inventories in Europe are tight and are expected to tighten still further going into 2022. This suggests prices will remain well supported into early next year.
12/31/2020 Spot Asian LNG leads 2020 commods gains, up more than 140% Oil has more than doubled from decade lows in April Chinese demand boom drives copper, base metals higher Corn, beans on track for strongest annual gains since 2010 By Naveen Thukral and Gavin Maguire SINGAPORE, Dec 31 (Reuters) - Global commodity markets ended 2020 on a strong note, with recovering demand and widespread stimulus packages buoying prices after a roller coaster ride caused by the global coronavirus pandemic. Rollouts of vaccines to combat the virus and trillions of dollars in fiscal support are expected to boost investment and spending in 2021, spurring demand for raw materials from oil to copper.