Natural Gas News – June 13, 2024
Natural Gas News – June 13, 2024
Weighing Weather and MVP Impact Ahead of EIA Storage Data
Traders focus on MVP’s potential supply boost and await EIA’s weekly storage report, impacting natural gas futures today. EIA forecasts a 75 Bcf storage increase, with current levels 373 Bcf higher than last year and 581 Bcf above the five-year average. High temperatures across the U.S. from June 13-18 are expected to drive gas demand, with a hot ridge dominating southern states. Natural gas futures declined on Thursday as traders focused on potential supply increases from the Mountain Valley Pipeline (MVP) and anticipated the U.S. Energy Information Administration’s (EIA) weekly storage report. Despite a two-day pullback, the market remains buoyed by expectations of record heat through June, creating a possible “buy the dip” scenario. At 12:22 GMT, Natural Gas futures are trading $2.971, down $0.074 or -2.43%… For more info go to https://tinyurl.com/5rkny75c
Europe’s Natural Gas Prices Jump on Uncertainty Over Russian Supply
Europe’s benchmark natural gas prices jumped by 3% on Wednesday morning after German energy giant Uniper terminated its Russian gas supply contracts, leaving the market concerned about the remaining flows of gas from Russia to Europe. Uniper said today it had decided to terminate its long-term Russian gas supply contracts and thus
legally ended the long-term gas supply relationship with the Russian state-owned company Gazprom Export. The decision was made possible after an arbitration tribunal last week awarded Uniper the right to terminate the contracts and awarded it more than $14 billion (13 billion euros) in damages for the gas volumes that Gazprom
Export has not supplied since the middle of 2022. “This ruling provides legal clarity for Uniper. With the right of termination that we rec… For more info go to https://tinyurl.com/5e9c44zu
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