Loading…
European natural gas benchmark futures jumped for a third session, rising as much as 6.5% as an unusually cold blast spread across northern Europe. Storage fell to about 90% full from almost 96% in mid-November, and Norwegian facility outages added pressure.
Europe is importing record volumes of LNG as Russian pipeline flows stay low.
Cold-driven heating demand combined with low storage and reduced pipeline supply tightens European gas balances and supports higher prices. Europe's record LNG imports keep global LNG demand strong, which supports gas prices worldwide.
energyconnects.comBloombergDec 8, 2022After 221 past bullish weather events, NATGAS moved a median +3.3% over 5 sessions (61% higher; middle half -5.2% to +14.0%), and -0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
