Natural Gas News – August 1, 2023
Natural Gas News – August 1, 2023
Why One Country Is Struggling to Break Away From Russian Gas
Austria, unlike most European Union countries, is still buying nearly as much natural gas from Russia as it was before the war in Ukraine. In the 17 months since Moscow ordered soldiers into Ukrainian territory, countries across Europe have moved with surprising speed to reduce their longstanding dependence on cheap Russian gas. Germany, which got 55 percent of its supply from Russia before the war, now imports zero. Poland, Bulgaria and the Czech Republic have halted or are close to halting flows. And Italy has been steadily trimming imports, and pledges to be free of Russian natural gas by the end of this year. By contrast, Austria, which received nearly 80 percent of its gas from Russia before the invasion, still got more than half its total from Russia in May. And in March, when demand was higher, the figure…
Natural Gas Forecast: Cooler Trend Sparks Bearish Market Turn
On Tuesday’s opening, natural gas futures took a sharp downward turn, indicating a bearish shift in weather forecasts. The recent price action suggests that an announcement of cooler temperatures must have occurred. According to NatGasWeather, overnight data indicated a trend of 3-5 CDDs cooler, particularly in the northern US, supported by stronger weather systems. Although the southern half of the US remains rather hot, national demand is projected to stay near seasonal levels through Saturday and then again on August 9-10. While the August 11-16 period is still expected to be quite hot, it is not as scorching as previously anticipated. The recent data has shown a slight cooling trend compared to the hotter weekend trends. NatGasWeather’s short-term outlook for August 1-7 predicts high…
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