Did America benefit from the inflation of liquefied natural gas prices in Europe?

The White House has rejected accusations that the United States benefits from inflated prices for liquefied natural gas supplies to Europe, German Press Agency reported.

A government official told reporters on a conference call Monday night that the allegation was false and that Washington's goal was to help Europe prepare for winter.

He added that the majority of LNG from the United States is exported through long-term contracts with foreign energy trading companies, among which many European companies will resell the LNG to European consumers, according to the official.

European countries are now looking for ways to replace energy supplies after Russia cut gas shipments in response to sanctions imposed on it over its war on Ukraine.

LNG is seen as one possible alternative.

So far, European countries have mostly received supplies via shipments from the United States.

Recently, German Economics Minister Robert Habeck accused LNG exporting countries of raising prices in light of the current energy crisis.

 Natural gas prices are falling

These statements come as natural gas prices fell in Europe at the beginning of trading on Monday, to the lowest level since last June, driven by the continued flow of supplies, large reserves and mild weather.

The price of the Dutch gas contract for the month of nearest maturity was about 116.5 euros per megawatt hour, the lowest level since last June, down by more than 2.6% compared to the close of trading on Friday, before it compensated part of its losses in volatile trading on Monday.

This decline came after a decision by the Russian energy company, Gazprom, not to limit gas shipments to Moldova via Ukraine, which eased fears of a possible worsening of supplies.

Despite the mild weather in most parts of the European Union, meteorological forecasts indicate a decrease in temperatures starting next December, which means an increase in demand for energy sources.

The percentage of storage facilities in most of the 27-nation union is about 100%, while Germany has exceeded the full rate, according to Anadolu Agency.