Natural Gas News – October 31, 2023
Natural Gas News – October 31, 2023
European Gas Prices Soar After Egypt Reports Zero Imports
The benchmark price index for European natural gas prices – Dutch TTF gas futures – jumped almost 7% to €54 per megawatt-hour on Monday morning, the highest level since mid-February, following news of Egypt’s imports falling to zero, fueling fears that the country cannot re-start its deliveries to the European market. On Sunday, the Egyptian cabinet announced that their natural gas imports fell to zero from 800 million cubic feet per day. Egypt imports gas from Israel, among others, and sends some of it to Europe in liquidated form (LNG). The North African country has seen domestic natural gas production decline while the population has been struggling from daily blackouts, admittedly due to a shortage of gas during a time when increased temperatures raise overall demand. In June 2022,
the European Commission, Is… For more info go to https://shorturl.at/muC37
Natural Gas Prices Forecast: Shifting Weather Pattern
The U.S. natural gas market’s recent fluctuations stem directly from shifting weather predictions. Initial frosty conditions prompted surges in demand, but warmer weather forecasts later in the week softened the gas futures’ start. This led to a sharply lower opening and performance on Monday. Today, traders are trying to recover some of
that 3% loss with early strength. A report on Tuesday showed that Dec’23 natural gas futures dropped by 13¢ on Monday, affected by the warmer weekend trends and the negative roll yield accompanying the Nov’23 expiration. Weather patterns revealed cold spikes interspersed with warm breaks. Notably, the period between Nov 13 and 15 is under observation for potential cold trends, similar to what was observed from Nov 9-11. These potential shifts in temperature… For more info go to https://shorturl.at/hzLV8
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