The Energy Information Administration released its weekly natural gas storage report in which U.S. operating storage was reported to have fallen by 223 Bcf, below the 248 Bcf the market was expecting. Lower-than-expected clouds and expectations for some warmer weather pulled the Henry Hub index lower yesterday, noted Warren Patterson, commodities analyst at ING.
Concerns about gas storage in the European Union remain unchanged
“European gas prices remain relatively well supported, with TTF trading close to €50 per MWh. Concerns over EU gas storage remain, with inventories now less than 58% full, down from 74% at the same time.” stage from last year and below the five-year average of 66%.
“The market and Member States are becoming increasingly concerned about the task of replenishing stocks during the injection season and the fact that the forward curve does not provide any incentive to store gas for next winter. The forward curve is declining between the summer of 2025 and the winter of 2025/26. There is increasing talk of supporting the replenishment of storage units.” “.
