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NATGAS: European Gas Midday: Middle East Escalations Supportive

NATGAS
Energy BulletsBulletPower BulletsCommodities

European gas prices found support from the latest Middle East escalations, putting it on track for a fourth straight session of gains. 

  • TTF NOV 24 up 0.9% at 38.95€/MWh
  • The gas market remains more receptive to supply risks due to another upcoming winter with much lower Russian piped supplies.
  • Israeli defense forces said they intercepted an unmanned aerial vehicle that crossed into the country’s offshore economic zone in the Mediterranean, apparently on the way to the Karish gas rig. It is operating as normal.
  • Some weather forecasts point to a cold second half of October, providing support.
  • Norwegian pipeline supplies to Europe are nominated up to 290.5mcm/d today, according to Bloomberg. Gassco shows outages of 61.2mcm/d today, falling to 41.6mcm/d later this week and to 28.6mcm/d on Oct. 7.
  • European gas storage is up to 94.18% of capacity on Sep 28, according to GIE, compared to the five-year average of 89.8%.
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European gas prices found support from the latest Middle East escalations, putting it on track for a fourth straight session of gains. 

  • TTF NOV 24 up 0.9% at 38.95€/MWh
  • The gas market remains more receptive to supply risks due to another upcoming winter with much lower Russian piped supplies.
  • Israeli defense forces said they intercepted an unmanned aerial vehicle that crossed into the country’s offshore economic zone in the Mediterranean, apparently on the way to the Karish gas rig. It is operating as normal.
  • Some weather forecasts point to a cold second half of October, providing support.
  • Norwegian pipeline supplies to Europe are nominated up to 290.5mcm/d today, according to Bloomberg. Gassco shows outages of 61.2mcm/d today, falling to 41.6mcm/d later this week and to 28.6mcm/d on Oct. 7.
  • European gas storage is up to 94.18% of capacity on Sep 28, according to GIE, compared to the five-year average of 89.8%.