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US Nat Gas Prices Soft Ahead of EIA Report

NATURAL GAS

US nat gas prices have dipped ahead of today’s EIA report. US stocks have been building on weaker export demand and warm weather.

  • Over the Atlantic, European demand is expected to be weak in the short term with a glut of LNG tankers currently idling off the region’s coasts. They have been unable to offload because of limited regasification capacity while stockpiles near full and October temperatures remain warm.
  • European TTF prices are recovering some ground after a big sell off since late August with signs that Europe will make it through the winter because of demand destruction and positive storage levels.
  • US Natgas NOV 22 down -1.1% at 5.55$/mmbtu
  • TTF NOV 22 up 4.7% at 109.24€/MWh

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