European Natural Gas Prices End Year Down 76% from Panic Highs, Near Pre-Ukraine Invasion Levels

European natural gas prices closed out 2022 at €76/MWh up almost 14% for the year, well off the panic highs and back around levels seen prior to Russia’s invasion of Ukraine at €75. These prices are more than 75% below record levels of €350 seen in August. The Dutch TTE futures are down 76.8% from the peak of $103.55 at $23.96. A number of factors came into to play. The economic fallout in the eurozone downturn extended into its sixth … Continue reading “European Natural Gas Prices End Year Down 76% from Panic Highs, Near Pre-Ukraine Invasion Levels”

Into The Vortex – EIA Reports Natural Gas Storage Drew Down 213Bcf as Freezing Temperatures Arrived.

In the last EIA storage release for the year storage was reported as a draw of 213Bcf. Salt Dome Cavern stocks drew -17Bcf from +30Bcf last week. The winter solstice brought with it an Artic Blast with record lows seen which will be reflected in next week’s EIA report accounting for a record setting Arctic blast this past weekend, expect another deficit near minus-200Bcf. From there upcoming milder temperatures bring inventories back in line with the five-year and have seen … Continue reading “Into The Vortex – EIA Reports Natural Gas Storage Drew Down 213Bcf as Freezing Temperatures Arrived.”

Into The Vortex – Natural Gas Draws -87Bcf as Arctic Blast Hits the US

Ahead of the freezing temperatures EIA last week reported a less than expected draw of -87Bcf of working gas in storage last week. Salt Dome Cavern stocks grew +3Bcf from +10Bcf last week. The winter solstice brought with it an Artic Blast with record lows seen already. Natural gas futures are lower again, a case of buy the rumor, sell the fact. Production freeze-offs so far being offset by a spike in net imports from Canada, output may briefly drop … Continue reading “Into The Vortex – Natural Gas Draws -87Bcf as Arctic Blast Hits the US”

Into The Vortex – EIA Reports Natural Gas Storage Fell 50Bcf as Winter Storm Arrives

EIA reported a more than expected draw of -50Bcf of working gas in storage last week. Salt Dome Cavern stocks grew +10Bcf from +13Bcf last week. Ahead of the latest storage report natural gas futures found a bid overnight after having corrected over 10% last Friday’s surge after a colder shift in the weather-driven demand outlook.  Since then, models remain mixed, the latest overnight data maintained an arctic shot for next week through Dec. 26, but the pattern for Dec. … Continue reading “Into The Vortex – EIA Reports Natural Gas Storage Fell 50Bcf as Winter Storm Arrives”

EIA Reports Natural Gas Storage Drew -21Bcf as Warmer Weather Curtailed Demand

EIA reported a less than expected draw of -21Bcf of working gas in storage last week. Salt Dome Cavern stocks grew +13Bcf from -4Bcf last week. The storage report reflected the move in natural gas futures dropping sharply last week on a number of factors. GEFS and Euro Ens weather models lost 50 bcf demand each in 24 hrs. We had congress intervene in the Rail strikes and Freeport LNG again delay the expected restart of its export plant into … Continue reading “EIA Reports Natural Gas Storage Drew -21Bcf as Warmer Weather Curtailed Demand”

Into The Vortex – Natural Gas Storage -81Bcf as Rail Strikes and Cold Weather Loom

EIA reported a less than expected draw of -81Bcf of working gas in storage last week. Salt Dome Cavern stocks drew -4Bcf from -9Bcf last week. This week was the second withdrawal of the season as the US shifted into Holiday season and changing weather that comes. Natural gas futures have been volatile, moving up and down almost 10% on news of a potential rail strike and colder weather. Loss of rail supply means coal switching to power plants. The … Continue reading “Into The Vortex – Natural Gas Storage -81Bcf as Rail Strikes and Cold Weather Loom”

Into The Vortex – Natural Gas Storage Drew -80Bcf for First Withdrawal of the Season

Last week EIA reported a less than expected draw of -80Bcf of working gas in storage last week. Salt Dome Cavern stocks drew -9Bcf from +16 last week. This report was the first withdrawal of the season as the US shifts into Holiday season and changing weather that comes. Natural gas futures surged Thursday on news of a potential rail strike and colder weather. Loss of rail supply means coal switching to power plants. HH Dec Futures traded at $7.432 … Continue reading “Into The Vortex – Natural Gas Storage Drew -80Bcf for First Withdrawal of the Season”

Into The Vortex – EIA Reports Natural Gas Storage Rose 64Bcf for Final Injection of The Season

EIA reported a near-expected build of 64Bcf of working gas in storage last week. Salt Dome Cavern stocks grew +16Bcf from +12 last week. This report should be the final injection of the season as the US shifts into Holiday season and changing weather that comes. Heading into the weekly EIA storage report colder overnight trends in the Euro weather model saw, natural gas futures extend gains after touching new recent lows yesterday.  Freeport LNG terminal has been the subject … Continue reading “Into The Vortex – EIA Reports Natural Gas Storage Rose 64Bcf for Final Injection of The Season”

Into The Vortex – EIA Reports Natural Gas Storage Rose 79 Bcf

This week should be the penultimate injection of the season. EIA reported a lower-than-expected build of 79Bcf of working gas in storage last week as fall shoulder season moves away. Salt Dome Cavern stocks grew +12Bcf from +22 last week. Natural gas prices in December had found some support wiith weather forecasts tipping colder temperatures and Freeport LNG terminal on track for a projected opening date is November 21. The Freeport terminal accounted for around 20% of all U.S. natural … Continue reading “Into The Vortex – EIA Reports Natural Gas Storage Rose 79 Bcf”

Into The Vortex – EIA Reports Natural Gas Storage Rose 107 Bcf

EIA reported a higher-than-expected build of 107Bcf of working gas in storage last week as fall shoulder season moves away. Salt Dome Cavern stocks grew +22 Bcf from +6 last week. Natural gas prices in December rebounded Wednesday with weather forecasts tipping colder temperatures and Freeport LNG terminal affirming a projected opening date is November 21. The Freeport terminal accounted for around 20% of all U.S. natural gas exports Before the explosion on June 8.   The caveat this year … Continue reading “Into The Vortex – EIA Reports Natural Gas Storage Rose 107 Bcf”