0843 ET – U.S. natural gas futures are lower ahead of the EIA’s weekly storage report, which is expected to show inventories down by 265 billion cubic feet at 1,836 Bcf, according to a Wall Street Journal survey of analysts, the second-largest weekly draw of the winter. Natural gas for April, the new Nymex front month, is off 1% at $3.919/mmBtu. “What could determine if $4 is reclaimed is whether the EIA storage report misses bearish or bullish, and whether the midday data trends colder or warmer,” forecaster NatGasWeather.com says in a note. (
[email protected])Europe’s Gas Prices Rebound After Sharp Drop But Remain Under Pressure
1118 GMT – European natural-gas prices rise as much as 7% in midday trade after falling to their lowest levels since mid-December in the previous session. The benchmark Dutch TTF contract currently trades at 44.10 euros a megawatt hour, but is down more than 6% on the week. “From a technicals perspective, the scale of the move in recent weeks has left the market in oversold territory,” ING analysts say. “Investment funds have been aggressively reducing their net long in TTF, selling 27.4 TWh [terawatt hour] over the last reporting week.” Milder weather and prospects of a peace deal between Russia and Ukraine that could lead to increased supplies of gas are keeping prices under pressure. Meanwhile, the European Commission said greater flexibility over storage filling targets can help avoid market distortions, raising hopes that winter requirements could be relaxed. ([email protected])
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