Natural Gas news and market movers: Europe is ready for next winter
- European underground Gas storage level is at 93%, with still some volumes underway and Norwegian Gas flows picking up after a lengthy period of maintenance and outages, Bloomberg reports.
- Egypt has bought another 20 cargoes of Liquified Natural gas (LNG) with an additional premium of $1.2 to $1.5 per mmBtu to European benchmark prices, revealing that Egypt still needs more LNG to get enough electricity, Bloomberg reports.
- US natural gas futures rallied after the weekly storage report showed stockpiles increased by less than what traders initially expected, with the south-central region showing storage still drawing down despite surplus everywhere else. The weekly Energy Information Administration (EIA) on Thursday reported that stockpiles jumped from 13 billion to 40 billion, lower than the 49 billion expected.
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