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Gas Prices Surge In Both The EU And US

COMMODITIES
  • The day has seen different trends for natural gas prices in the EU and US but the end point has been largely the same, closing +7.5% for EU TTF and currently +8.5% for US Henry Hub.
  • US Henry Hub has rallied to the highest since 22 May after a below expected US EIA inventory build. The front month was already higher on the day due to a reduction in US production, warm weather on the Gulf Coast ahead rising European prices.
  • The latest EIA weekly gas inventories for the week ending 9 June showed a build of +84bcf compared to expectation of a +94bcf build and the 5-year average for this time of year of +96bcf.
  • Earlier in Europe, the Netherlands prepared to permanently close the major Groningen field at the same time as outages tightened regional supplies and a heat wave boosted demand. Groningen production has been in steady decline with intentions for it to close but the Dutch government had toyed with the idea of it remaining open for an energy emergency.
  • Benchmark Dutch futures settled 7.4% higher at €41.15 a megawatt-hour. Earlier in the day, the contract spiked as much as 30%, the most since early September.
Energy BulletsCommodities
Energy BulletsCommodities

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