Natural Gas News – June 29, 2023
Natural Gas News – June 29, 2023
Europe Set To Reach Natural Gas Storage Target Ahead Of Schedule
The European Union is on track to fill up its natural gas storage facilities ahead of schedule, Rystad Energy has forecast.
“Considering historical demand, and assuming different supply scenarios, storage facilities could even be full ahead of winter this year, resulting in gas flows having to be diverted elsewhere,” senior analyst Lu Ming Pang said, as quoted by The National. The EU began filling its gas storage earlier this year but lately the additions have slowed down, Reuters’ John Kemp reported earlier this month, as low prices stimulate higher demand from industrial consumers. Kemp noted that the levels of gas in storage at the beginning of June were 48% higher than the ten-year average for that time of the year, after storage levels reached two-thirds of capacity in late May.…
Natural Gas Price Falls Almost 10% From June High
Natural Gas price has fallen almost 10% from its June high, according to Spot US Natural Gas price data quoted during the US Session on Thursday. A combination of factors are weighing on the price, including data showing robust European stockpiles, easing Russia turmoil after Wagner’s failed coup attempt, forecasts the heatwave in the US will pass next week, and volatility ahead of front-end futures and options expiry. Next up for the commodity is EIA Natural Gas Storage Change data, for week ending June 23, from the Energy Information Administration (EIA), at 14:30 GMT, with a decline to 82 billion cubic feet of Gas forecast by analysts. There is more Natural Gas in storage in Europe than is usually the case for this time of year…
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