Natural Gas News – March 7, 2023

Energy Crisis: European Gas Storage Levels At Record Highs

Energy costs could come down as European gas storage facilities are expected to end the winter season at a record of more than 50% full. Modeling done by energy consultancy Cornwall Insight suggests gas supplies are secure after concerns of shortages following Russia’s invasion of Ukraine. Fuller storage units mean less future demand for gas, which can bring down prices. Storage facilities across Europe will end winter between 45% and 61% full – an average of 55% capacity – bypassing the previous end-of-winter record of 54% in 2020. Following the start of the conflict in Ukraine, European countries raced to reduce their reliance on Russian gas, which pushed up prices and led to concerns about energy supplies in winter 2022 to 2023. Having a greater amount of gas in storage means more is ready for winter 2023-2024… For more info go to https://yhoo.it/3SWtezK

US NatGas Up 3% To 5-Week High On Record LNG Feedgas

U.S. natural gas futures rose about 3% to a five-week high on Friday, with the amount of gas flowing to U.S. liquefied natural gas (LNG) export plants set to hit a daily record high and on forecasts for colder weather and higher heating demand in two weeks than previously expected. The amount of gas flowing to LNG export plants was on track to hit a daily record high as Freeport LNG’s facility in Texas keeps pulling in more of the fuel after exiting an eight-month outage in February. The plant shut after a fire in June 2022. Front-month gas futures for April delivery were up 6.9 cents, or 2.5%, to $2.834 per million British thermal units at 8:23 a.m. EST (1323 GMT), putting the contract on track for its highest close since Jan. 27. For the week, the front-month was up about 16%, which… For more info go to https://yhoo.it/3ZMDcGo