US Gas stable on expected storage build – ING

FXStreet Insights Team FXStreet

US natural Gas prices held steady after EIA data showed a storage build in line with expectations, while European prices slipped as Norwegian supply disruptions eased. Despite earlier support from outages, improving UK grid flows weighed on the TTF, ING’s commodity analysts Warren Patterson and Ewa Manthey note.

European Gas slips as Norwegian flows recover

"US natural Gas prices saw little change yesterday, with EIA storage data showing that US Gas storage increased by 46bcf over the last week, not too different from the 45bcf increase the market was expecting. This leaves total US natural Gas storage at 3.05tcf, 6.2% above the 5-year average, but down 4.9% year on year."

"After initially rallying, European natural Gas prices came under pressure towards the end of the day, with the Title Transfer Facility (TTF) settling 1.15% lower. Unplanned outages at the Nyhamna and Kollsnes processing plants in Norway provided support to European prices earlier in the week. Grid data from the UK shows that these flows are improving."

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