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What to Watch: EIA Gas Stocks and EU Leaders Summit

  • The latest EIA weekly gas inventories for the week ending Oct 14 will be released this afternoon at 15:30BST. The expectation is for a build of 105bcf due to high production, curtailed LNG exports and near normal demand. Last week saw a build of +125bcf and the 5-year average for this time of year is +73bcf.
  • The updated Insights Global European ARA product inventories will be released today. ARA Gasoil stocks were well below normal at 1.651m mt last week compared to the 5-year average of 2.6m mt for this time of year. ARA Gasoline stocks were last week up at 1.28m mt compared to an average of 0.96m mt for this time of year.
  • Today is the first day of the EU Leaders Summit. On the agenda will be discussion of the proposed measures to protect against surging energy prices. EU remains divided over the proposed plans including joint gas purchases, creation of an alternative LNG benchmark price and a price cap on gas used for power generation.

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