Global natural gas prices continued to slide on Monday, following oil lower as energy demand remains weak amid the trade war.
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Over the weekend, OPEC-plus announced another increase in oil production for the second consecutive month. The move pushed Brent crude below $60/bbl during Monday trading, making natural gas alternatives increasingly attractive.
“The oil market has been dealing with significant demand uncertainty amid tariff risks,” ING Groep NV strategist Warren Patterson wrote in a note to clients. “This change in OPEC-plus policy adds to uncertainty on the supply side.”