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Gas Markets Remain in Decline Ahead of EIA Report

NATURAL GAS

US natural gas prices are down ahead of the EIA inventory release at 10:30 a.m. ET, 15.30 BST.

• Ongoing issues at the Freeport facility in Texas and forecasts for lower than expected temperatures are placing downward pressure on prices. Adding to this is the positive sentiment coming from the European market after the restart of the Nord Stream 1 pipeline flows from Russia today – albeit at 40% capacity.

• Analysts expect a build in today's report as well as expectations of stronger production figures.

• Refinitiv said average gas output in the U.S. Lower 48 states rose to 96.1 bcfd so far in July from 95.3 bcfd in June. That compares with a monthly record high of 96.1 bcfd in December 2021.

• US Natgas AUG 22 down -2.9% at 7.77$/mmbtu

• TTF AUG 22 down -2.7% at 150.91€/MWh

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