Nat Gas
Every weekday's nat gas stories from Morgan Downey's Commodity News email, newest first, with the day's what-moved line (Mon, Aug 10 to Fri, Sep 4). Open a date for the full issue across every commodity.
US Nat Gas
What's moving · EIA storage rose 30 Bcf to 3,214 Bcf, 5.2% above five-year average, pressuring Henry Hub prices below $3.
Natgas futures test $3 resistance after 30 Bcf storage build.Anthony Harrup · Wall Street Journal
U.S. natural gas futures fell 1.5% to settle at $2.913/MMBtu despite a 30 Bcf storage injection for the week ending August 28 that landed in line with expectations. The build raised total working gas to 3,214 Bcf, 160 Bcf above the five-year average, reinforcing ample supply amid record production. Traders cited profit-taking and technical selling after the front-month contract failed to sustain a break above the key $3 psychological level.
Read → EIA: US gas storage up 30 Bcf to 3,214 Bcf week ending Aug 28.EIA
The EIA reported a 30 Bcf net injection into Lower 48 storage for the week ending August 28, lifting inventories to 3,214 Bcf. Stocks sit 50 Bcf below year-ago levels but 160 Bcf (5.2%) above the five-year average of 3,054 Bcf. Regional builds were strongest in the East (+26 Bcf) and Midwest (+24 Bcf), while the South Central saw a 10 Bcf withdrawal.
Read → Record US production keeps pace with LNG exports, storage builds.American Gas Association
U.S. natural gas supply-demand balances held steady in August with record production matching stronger LNG exports and weather-driven demand. Feedgas to LNG plants averaged 17.3 Bcf/d, up 8.4% year-over-year. Storage inventories rose 30 Bcf for the week ending August 28 to 3,214 Bcf, remaining above the five-year average as cross-border pipeline flows showed mixed results with higher exports to Mexico.
Read → EIA sees record Oct storage, Henry Hub below $3 into winter.EIA
The EIA forecasts U.S. natural gas inventories reaching a record 3,985 Bcf by end-October 2026, the highest heading into winter since 2016. Record production and reduced LNG feedgas demand from maintenance drive the outlook, with Henry Hub spot prices expected to average $2.87/MMBtu in Q3 2026 and remain below $3.00/MMBtu until November.
Read → Global Nat Gas & LNG
What's moving · TTF slips 1% to €71/MWh as EU storage hits decade-low 66% full, sustaining tight winter supply fears amid Hormuz disruptions.
JKM hits 21-month high on Hormuz block, Europe outbids Asia for US LNGAtsuko Kawasaki · S&P Global
Platts JKM for October delivery rose to $25.908/MMBtu on Sept. 2, its highest since Dec. 2022. Escalating US-Iran strikes and no Hormuz LNG transits since mid-August have eliminated Qatari flows, forcing Asia to compete harder while Europe attracts more US cargoes on stronger netbacks. The move tightens the global LNG balance and supports elevated benchmarks into winter.
Read → EU storage at 15-year low of 66% full risks global LNG scrambleTsvetana Paraskova · OilPrice.com
EU underground gas storage stands at 66% full, the lowest end-of-summer level in nearly two decades and well below the five-year average. Depleted inventories from prior winter drawdowns, summer heat-driven power demand, and curtailed Middle East LNG have left Europe needing substantial spot purchases. This positions the continent to outbid Asia for flexible US cargoes as winter approaches, supporting TTF and JKM.
Read → US Nat Gas
What's moving · Henry Hub futures test $3 on September heat forecasts and LNG export optimism amid record production.
Natgas futures rise on hot September outlook, LNG demandChris Newman · Natural Gas Intelligence
Futures climbed Wednesday toward the $3/MMBtu mark as forecasters raised September heat expectations, supporting power-sector burn. LNG feedgas demand and Middle East supply concerns added bullish momentum. Strong Lower 48 output at record levels capped gains.
Read → Hot forecasts push natgas futures toward $3Jodi Shafto · Natural Gas Intelligence
Prompt-month futures advanced with hotter September temperature outlooks and LNG export strength. October contract gained 6.5 cents while cash prices mixed, with Waha above $2. Record production remains the key offset to bullish weather and export signals.
Read → US LNG feedgas slips to 17.37 Bcf/d on nominationsJacob Dick · Natural Gas Intelligence
Feedgas nominations fell to 17.37 Bcf/d Wednesday, down 892 MMcf/d from Tuesday, led by lower flows at Sabine Pass. The drop followed Tropical Depression Edouard's passage; the Sabine-Neches Waterway reopened without major LNG terminal disruptions. Global LNG exports lagged year-ago levels due to Middle East shortfalls.
Read → EQT eyes 1 Bcf/d Appalachian line for power demandJamison Cocklin · Natural Gas Intelligence
EQT launched a non-binding open season for a new 1 Bcf/d pipeline linking Appalachian supply to Midwest, Southeast, and Gulf Coast power markets. The project targets rising gas-fired generation demand. It joins other basin producers expanding acreage amid stronger long-term outlook.
Read → Global Nat Gas & LNG
What's moving · TTF hits three-year highs near €74/MWh on record-low EU storage at 65% full amid Qatar LNG shortfalls.
EU storage hits decade lows at 65% full, driving TTF to €74/MWh.Ben Aris · bne IntelliNews
EU gas storage stood at 65.39% of capacity (71.5 bcm) at end-August, 16.76 points below the five-year average and the lowest for the date since 2011 per GIE data. August net injections were only 9.2 bcm (9% below year-ago) with record summer withdrawals from heat-driven power demand. Front-month TTF reached €73.80/MWh on Sep 2, up 28% month-on-month and 130% year-on-year, as Asia competes for scarce cargoes while Europe heads into winter with thin buffers.
Read → Europe's gas storage at 65% full, lowest end-summer level in 15 years.Matthew Dalton · Wall Street Journal
EU storage facilities are only 65% full, the lowest toward end-summer in at least 15 years, after buyers delayed purchases betting the Iran war would end and prices would fall. Companies have been reluctant to fill tanks expecting Qatar to resume normal Hormuz shipments. This leaves Europe vulnerable to winter spikes if cold weather or further supply issues hit.
Read → Japan, South Korea agree to deepen LNG emergency supply cooperation.Joyce Lee · Reuters
South Korea and Japan held their first meeting on a supply-chain partnership in Tokyo, agreeing to strengthen cooperation on stable emergency LNG, crude oil and petroleum product supplies. They also discussed responses to carbon emissions and due-diligence rules. The talks reflect Northeast Asian buyers' focus on securing flexible LNG amid global supply tightness from Gulf disruptions.
Read → US Nat Gas
What's moving · Record Lower 48 output at 111.5 bcfd and Tropical Storm Edouard pressure drive Henry Hub futures down 2.5% to $2.861.
US natgas futures fall 3% on record output and milder weather forecasts.Reuters
US natural gas futures for October delivery fell 7.4 cents or 2.5% to $2.861 per mmBtu on Tuesday. LSEG reported record Lower 48 output of 111.5 bcfd in August, up from the prior high of 110.7 bcfd in July. LNG feedgas flows rose to 18.3 bcfd so far in September while Freeport LNG feedgas dipped to 1.9 bcfd.
Read → Natgas futures recover losses as LNG feedgas holds steady amid Edouard.Chris Newman · Natural Gas Intelligence
Natural gas futures clawed back most early losses Tuesday as Tropical Storm Edouard approached the Texas-Louisiana LNG corridor. Feedgas nominations at Gulf Coast terminals held near recent levels with the storm's heaviest rains expected west of the export complex and zero threat to production. National LNG demand stayed steady near 19.1 bcfd.
Read → Edouard spares Gulf Coast LNG feedgas as it cools East Texas.Jacob Dick · Natural Gas Intelligence
Feedgas nominations Tuesday held near recent levels at Gulf Coast LNG terminals as Tropical Storm Edouard made landfall near the Texas/Louisiana border. Forecasters put the storm's heaviest rains west of the export complex and its threat to production at zero. Golden Pass trimmed 109 MMcf/d while other terminals showed resilience.
Read → US LNG exports surge 23% yet Henry Hub stays below $3.Christopher Lenton · Natural Gas Intelligence
US LNG output rose sharply this year with feedgas topping 19 bcf/d. Benchmark Henry Hub prices have barely budged despite the export surge. Production hovers near record levels, keeping the market well supplied.
Read → Global Nat Gas & LNG
What's moving · TTF surges above €75/MWh to three-year high on fresh US-Iran strikes tightening Hormuz LNG flows.
TTF rises to 2023 high on Iran escalationBloomberg
Dutch front-month TTF futures jumped as much as 6.5% to their highest level since January 2023 after the US launched new strikes against Iran. Prices are now over 70% higher than early July levels when a temporary ceasefire raised supply hopes. Escalation has amplified worries over extended Middle East energy disruptions.
Read → JKM hits five-month high on Hormuz fearsCharles Kennedy · OilPrice.com
Asian spot LNG prices climbed to $24.614/MMBtu, the highest in five months, as buyers including Pakistan and Bangladesh seek cargoes to replace blocked Qatari volumes. QatarEnergy extended force majeure on deliveries into November amid stalled Hormuz traffic. South Korean, Indian, Taiwanese and Bangladeshi utilities tender for October-November spot supply.
Read → US Nat Gas
What's moving · US natural gas futures ease amid rising output, ample storage and new Permian takeaway capacity.
Futures slip as new Texas pipeline adds Permian supply.James Hyerczyk · FXEmpire
Energy Transfer’s Hugh Brinson pipeline begins moving up to 2.2 bcfd of Permian gas starting Sept. 1, easing takeaway constraints. Lower-48 dry gas production runs near 113 bcfd, up 4.5% year-over-year. The added capacity pressures prices despite ongoing heat-driven power demand.
Read → Futures bounce on extended September heat and LNG flows.James Hyerczyk · FXEmpire
Record heat across the southern U.S. lifts power-sector demand, with Lower-48 gas demand hitting 78.4 bcfd. LNG feedgas reached 19.6 bcfd as Freeport LNG returned from maintenance. October futures rose more than 1% intraday despite record production near 115 bcfd.
Read → EIA monthly report shows record June dry gas production.EIA
June 2026 dry natural gas production hit a record 112.33 bcfd, up 4.5% from June 2025 and the highest monthly level since 1973. Net exports reached a June record of 19.9 bcfd. Consumption averaged 81.1 bcfd with net exports 3.6 times imports.
Read → Global Nat Gas & LNG
What's moving · TTF rises to €70/MWh as EU storage lags at 65% amid milder weather and tight LNG supply.
TTF, UK gas prices drop on warmer weather outlook.Hellenic Shipping News Worldwide
Dutch TTF front-month fell 0.56 euros to 27.77 euros/MWh on Thursday as milder temperatures are forecast for northwest Europe next week, cutting heating demand by 370 GWh/d. Stronger winds are also expected to reduce power-sector gas use. The move highlights weather-driven demand weakness despite broader supply tightness.
Read → JKM climbs on Mideast shipping disruption fears.Reuters
Northeast Asia spot LNG prices hit a four-month high near $22/MMBtu as Houthi and Iran-related attacks raised risks to Strait of Hormuz transit. Analysts revised forecasts for lower Qatari exports and higher JKM averages in H2 2026. The move reflects sustained competition between Asia and Europe for limited cargoes.
Read → US Nat Gas
What's moving · US natural gas futures ease after smaller-than-expected 15 Bcf EIA storage build as LNG feedgas recovers and production hits records.
Natgas holds near five-week high on tight storage dataTrading Economics
Prices held around $2.9/MMBtu after the 15 Bcf injection came in light of forecasts and the five-year norm. Record August production of 111.4 bcfd and warmer weather through early September keep cooling demand elevated while LNG feedgas shows recovery signs. Strong output continues to cap sharper gains despite the supportive fundamentals.
Read → US LNG feedgas surges to April high as plants restartCurtis Williams · BOE Report
Feedgas deliveries to US LNG plants reached 18.5 bcfd on Thursday, the highest since late April, led by restarts at Cheniere’s Corpus Christi and Freeport LNG after maintenance. Corpus Christi returned to full operations and Freeport confirmed completion of major work. The rebound boosts Gulf Coast demand for the world’s top LNG exporter.
Read → Natgas futures slip on profit-taking after weekly gainReuters
October natgas futures fell 0.9% to $2.888/MMBtu on Friday as traders took profits following a three-week rally, though the contract posted a 4.2% weekly gain. Warmer-than-normal temperatures through mid-September and recovering LNG demand at Texas facilities provided support. LSEG data showed Lower 48 output averaging a record 111.4 bcfd in August.
Read → Global Nat Gas & LNG
What's moving · Qatar extends LNG force majeure into October as Hormuz remains closed to LNG traffic, lifting JKM above $23/MMBtu and TTF near €69/MWh.
Qatar extends LNG force majeure into October over Hormuz halt.Bloomberg
QatarEnergy notified Pakistani buyers that LNG cargo cancellations continue into October and extended force majeure to Bangladesh beyond September. LNG traffic through the Strait of Hormuz stays halted despite some oil flows resuming, tightening global spot supply. The move supports JKM above $23/MMBtu and keeps European buyers competing for scarce Atlantic cargoes.
Read → Asia and Europe gas prices jump on Qatar force majeure extension.Charles Kennedy · OilPrice.com
Asian spot LNG rose to $23.388/MMBtu and TTF climbed toward €69/MWh after Qatar extended force majeure into early November. Europe heads into winter with storage at roughly 63% full versus a five-year average near 80%. The Hormuz blockage cuts Qatari term deliveries, forcing buyers in both basins to bid higher for remaining cargoes.
Read → Germany gas storage injections accelerate on better LNG flows.Reuters
German storage stood at 51.64% full as operators injected significant volumes in recent days. Officials cited a narrower winter-summer price spread and reduced Asian competition for LNG cargoes after the Asian heatwave eased. Germany still targets 70% fill by November but says broader supply security depends on terminals and western European imports too.
Read → Asian LNG tops $23 on Qatar force majeure extension.Bloomberg
JKM advanced on persistent Hormuz concerns after QatarEnergy prolonged force majeure on deliveries to Europe and Asia. Spot prices reached $23.388/MMBtu amid ongoing cancellations into October. The extension underscores the supply gap created by the Iran conflict and keeps the TTF-JKM arb narrow, limiting cargo diversions.
Read → US Nat Gas
What's moving · Lean 15 Bcf EIA storage injection and rebounding LNG feedgas lift Henry Hub futures to near one-month highs.
Lean storage build lifts gas futures as September expires.Anthony Harrup · Wall Street Journal
EIA reported a 15 Bcf injection for the week ended Aug. 21, the smallest of the season and below the 33 Bcf five-year average and 21 Bcf analyst consensus. Stocks rose to 3,184 Bcf, trimming the surplus over the five-year average to 167 Bcf from 185 Bcf prior week. The lean print plus heat and recovering LNG demand drove NYMEX September settlement up 2.3% to $2.907/MMBtu.
Read → 15 Bcf EIA injection supports futures despite profit taking.Kevin Dobbs · Natural Gas Intelligence
EIA data showed a 15 Bcf build shy of expectations, prompting an early futures rally that later eased on profit taking. The print reflects tighter summer balances from heat-driven power burn and rising LNG feedgas. Inventories sit 5.5% above the five-year average but the surplus narrowed meaningfully.
Read → Sempra launches permitting for 27 Mt/y Port Arthur LNG add-on.Jacob Dick · Natural Gas Intelligence
Sempra Infrastructure began federal pre-filing for four new liquefaction trains at Port Arthur LNG targeting 27 Mt/y additional capacity. The brownfield project on existing land could start up in the mid-2030s, pushing total site exports beyond 50 Mt/y. It underscores ongoing Gulf Coast LNG buildout pulling future feedgas demand.
Read → Futures rise on heat forecasts and LNG recovery ahead of storage.Reuters via Business Recorder
NYMEX front-month gas rose 1.8% to $2.893/MMBtu on warmer weather outlooks through early September and signs of recovering LNG feedgas. Cheniere’s Corpus Christi plant showed higher nominations post-maintenance. Market eyed the EIA report for confirmation of tighter balances amid record August production near 111.4 Bcf/d.
Read → Global Nat Gas & LNG
What's moving · TTF rises to €66-69/MWh on EU storage at 63% full, slowest refill pace and Hormuz LNG curbs.
EU storage at 63% full, lowest in nearly two decades.Tsvetana Paraskova · Oilprice.com
EU gas storage stands at 63% full, the lowest for this time of year in nearly two decades per GIE data. The shortfall stems from slashed Qatari LNG supplies due to the Iran war and Strait of Hormuz disruption, plus fierce competition from Asia for available cargoes. This drives TTF and NW Europe LNG prices to their highest since 2023, raising risks of missing even the flexible 75% November target and forcing higher winter purchases.
Read → US Nat Gas
What's moving · Hot weather forecasts and lower Appalachian output lift US natural gas futures to one-month highs near $2.88.
Hot weather supports US natural gas futures higher.Anthony Harrup · Wall Street Journal
US natural gas futures gained on persistent hot weather into early September that sustains power-sector demand. LNG feedgas flows picked up, adding support. The September contract settled up 2.6% at $2.842/MMBtu, its highest level in a month.
Read → US LNG exports flat in July at 10.48 million MT.World Energy News
Preliminary data show US LNG exports slipped to 10.48 million metric tons in July from 10.6 million tons in June due to maintenance and seasonal factors. Europe took nearly half the volumes at 4.76 million tons, up from prior month. Asia absorbed 3.32 million tons.
Read → Global Nat Gas & LNG
What's moving · TTF falls sharply to €64/MWh on profit-taking and mild weather amid still-low EU storage at 63.5%.
TTF drops 6.5% to €63.97/MWh on Aug 25 amid mild weather.EnergyRiskIQ
Dutch TTF settled at €63.97/MWh on Aug 25, down €4.47 or 6.53% day-over-day. The move followed a sharp prior rally as mild weather reduced near-term demand pressure while EU storage sat at 63.5%, 18.5 points below the seasonal norm. Low inventories keep the market sensitive to any LNG or weather shifts.
Read → Low EU storage at 63% raises winter price risk above €100/MWh.CNBC
EU gas storage stands at about 63%, the lowest level for this time of year in records and 18 points below the five-year average. Hormuz disruptions have curtailed Qatari LNG flows during the refill season while hot summer weather boosted power demand and slowed injections. Analysts see potential for TTF above €100/MWh this winter if cold weather arrives.
Read → NW Europe LNG hits highest since 2023 on supply fears.Verity Ratcliffe · Financial Times
Spot LNG delivered into northwest Europe rose to $22.83/MMBtu early in the week, the highest since January 2023 per Argus data, before easing slightly to $22.23. Strait of Hormuz disruptions have slashed Qatari exports, tightening global supply during Europe's storage refill. The surge reflects competition for flexible cargoes between Europe and Asia.
Read → TTF could climb sharply without Hormuz LNG normalization.Jamison Cocklin · Natural Gas Intelligence
Goldman Sachs notes European prices must rise further to draw enough LNG cargoes into winter given weak storage levels. Persistent Hormuz disruptions limit Qatari volumes, forcing greater reliance on US and other spot LNG. The analysis highlights storage deficits as the dominant driver over near-term weather.
Read → US Nat Gas
What's moving · Hotter weather forecasts lift US natural gas futures as production stays elevated and storage builds remain modest.
August heat lifts US natural gas prices on stronger cooling demand.Bloomberg
US natural gas prices rose as forecasts turned hotter over the weekend, boosting expectations for power-sector cooling demand. The month is on track to be the hottest August on record by population-weighted measures. Production dipped, notably in Appalachia where short-term prices turned uneconomic, supporting the move higher.
Read → NGI sees 23 Bcf EIA storage injection next week amid falling rig counts.Patrick Rau · Natural Gas Intelligence
NGI projects a 23 Bcf injection into US storage for the week ended Aug 21, up 7 Bcf week-over-week and above last year's 17 Bcf. Power burn eased slightly to 51.9 Bcf/d while dry production rose to 112.4 Bcf/d. US rig and frac counts both fell last week, the first simultaneous drop since April, signaling potential future supply constraints.
Read → US natural gas futures hit four-week high on heat outlook.World Energy News
Front-month NYMEX natural gas futures climbed to a near four-week high supported by hotter weather forecasts and firmer oil prices. Investors awaited the EIA weekly storage report due later in the week. Lower-48 output averaged 111.5 Bcf/d so far in August, above July's record, while LNG feedgas flows held near 17.2 Bcf/d.
Read → US natural gas prices ease on record output and storage surplus.World Energy News
Natural gas futures fell amid strong Lower-48 production averaging around 110-111 Bcf/d and inventories remaining well above the five-year average. LNG export flows stayed softer near 17 Bcf/d. Ample supply capped gains despite periodic heat-driven demand support.
Read → Global Nat Gas & LNG
What's moving · TTF falls 5-6% to €63-64/MWh on easing Hormuz risks and storage injection pace; JKM holds near $23/MMBtu amid Asia demand.
TTF near two-year highs on low storage, Hormuz risksAlexander Osipovich · Wall Street Journal
Dutch TTF settled at its highest level since January 2023 yesterday amid Europe's low gas storage levels and ongoing Strait of Hormuz shipping disruptions. The contract slipped today but ING analysts flag further upside risk as Europe races to refill depleted inventories ahead of winter. Low storage (around 63%) and reduced LNG inflows tighten the market for the benchmark.
Read → TTF and JKM rally on tight global LNG suppliesJamison Cocklin · Natural Gas Intelligence
Asian JKM and European TTF benchmarks continued rallying as global LNG supplies faced competing threats from Middle East disruptions and strong demand. Tight balances drive competition for cargoes between Europe and Asia, with prices reaching multi-year highs. The narrow JKM-TTF spread signals limited diversion opportunities.
Read → TTF stable near lows after US-Iran deal optimismWorld Energy News
Dutch TTF front-month fell to EUR41.95/MWh intraday, the lowest since May, after US-Iran de-escalation signals. Prices held steady Tuesday following a prior 10% drop on the preliminary agreement to reopen the Strait of Hormuz. Market caution persists ahead of a potential Geneva signing, with shipper confidence in resumed transit expected to take weeks.
Read → EU storage at 61% below norms on LNG cutsEnerdata
EU underground gas storage hit 61% full as of Aug 19, below prior-year and five-year average levels due to curtailed LNG inflows from Middle East disruptions. The Strait of Hormuz issue, affecting 20% of global LNG trade and Qatar supplies, has slowed injections. This positions Europe for a tighter winter refill season.
Read → US Nat Gas
What's moving · Cheniere Corpus Christi LNG maintenance cuts feedgas to 1.8 bcfd, easing US LNG demand pressure on prices near $2.77.
Cheniere Corpus Christi LNG runs maintenance, intake falls to 1.8 bcfd.Curtis Williams · Reuters
Cheniere Energy's Corpus Christi LNG plant in Texas is undergoing planned maintenance, with feedgas intake at about 1.8 bcfd versus a typical 2.6 bcfd. Total US LNG plant feedgas flows reached 16.7 bcfd on Monday, below the nearly 18 bcfd nameplate capacity. The reduction reduces near-term US LNG export demand, adding to supply available for domestic use amid record production.
Read → US natural gas futures rise on hot weather power demand outlook.Anthony Harrup · Wall Street Journal
NYMEX natural gas futures rose 1.7% to $2.821/MMBtu in early trading on expectations of at least two more weeks of extreme heat across the southern US boosting power-sector demand. Weather models show bullish signals for the next 10 days before turning closer to seasonal. The front-month contract gained despite ample inventories and strong production.
Read → Uniper fills 70% of contracted European gas storage despite weak summer prices.Reuters
Uniper has filled around 70% of its contracted natural gas storage capacity in Europe. The company noted limited economic incentives from summer wholesale prices amid challenges from the Iran conflict. European storage sits at 62%, increasing reliance on mild winter weather and LNG imports.
Read → Global Nat Gas & LNG
What's moving · TTF rises to 68.5 EUR/MWh on weak EU storage injections and high forward prices needed to attract LNG.
TTF benchmark climbs to 69.05 EUR/MWhTrading Economics
Dutch TTF gas futures reached 69.05 EUR/MWh on Aug. 25, up 0.87% from the prior session. The move aligns with ongoing storage shortfalls and forward curves requiring higher prices to secure LNG inflows. JKM stood near $23.51/MMBtu, reflecting parallel strength in Asian benchmarks amid shared global supply tightness.
Read → US Nat Gas
What's moving · US LNG exports hit record 73M tons YTD through July amid global supply disruptions, supporting Henry Hub near $2.73.
US LNG exports face test from rising global pricesGavin Maguire · Reuters
U.S. LNG producers exported over 73 million tons from January through July 2026, up 23% from the same period in 2025 per Kpler data. Geopolitical disruptions including the U.S.-Iran conflict have cut Qatari LNG flows by over 60%, pushing European and Asian forward prices above $21-22/MMBtu for Q4. Elevated prices risk softening near-term buyer demand in Asia and Europe as seasonal cooling eases and renewables displace gas-fired power, though U.S. exporters benefit from prior record volumes.
Read → EIA reports 16 Bcf storage injection last weekEIA
Working gas in storage reached 3,169 Bcf as of August 14, up 16 Bcf week-over-week and 6.2% above the five-year average. The build came in near consensus expectations of 15 Bcf. Inventories sit 28 Bcf below year-ago levels as strong production offsets summer demand.
Read → Global Nat Gas & LNG
What's moving · TTF hovers near €66/MWh as low EU storage (61% full) and Middle East LNG cuts sustain tight balances ahead of winter refill.
Uniper inks 15-year Norway gas import dealReuters
Uniper will import over 30 TWh of Norwegian pipeline gas annually from 2027 through 2041. The volume equals nearly 3% of Germany's yearly gas imports, reinforcing Norway's role as Europe's top supplier after Russian flows ended. The long-term contract secures baseload supply amid ongoing global LNG tightness.
Read → US Nat Gas
What's moving · Record US production at 112 Bcf/d and 16 Bcf storage build keep Henry Hub pinned near $2.70-2.80.
Appalachia producers eye fall curtailments as storage fills and prices near $1.7Jamison Cocklin · Natural Gas Intelligence
NGI reports Appalachian producers face rising likelihood of production curtailments this fall. Regional storage has refilled rapidly while forward prices hover near $1.70/MMBtu. This matters because excess local supply without adequate takeaway or demand pressure forces output cuts, weighing on regional and national balances.
Read → US gas market stays well supplied as production hits records and prices stay belAmerican Gas Association
AGA notes Lower 48 dry gas production on track for a new 2026 record near 111.2 Bcf/d, driven by Permian associated gas and Haynesville gains. EIA cut its 2026 Henry Hub forecast to $3.44/MMBtu. Persistent heat in the South supports some power demand but overall balances remain loose heading into shoulder season.
Read → Supply glut and record output trap Henry Hub below $3 despite storage surprises.Investing.com
EIA reported a 16 Bcf storage injection for the week ending Aug. 14, bringing inventories to 3,169 Bcf, 6.2% above five-year average. Lower-48 production reached 112 Bcf/d with Permian associated gas continuing to flow. LNG feedgas and power burn lag the supply surge, keeping prompt prices suppressed near $2.70-2.80.
Read → Nat-gas prices fall on cooler weather forecasts cutting power demand.Rich Asplund · Yahoo Finance / Barchart
September NYMEX contract closed down 2.88% at $2.733 after cooler temperature forecasts reduced expected power-burn demand. EIA storage data and ample supply reinforced the move. The shift highlights how quickly weather-driven demand support can fade as summer peaks pass.
Read → US Nat Gas
What's moving · Hotter Texas forecasts and power demand lift Henry Hub futures above $2.80, highest since late July.
US natgas prices hit over 3-week high on hot forecastsTrading Economics
US natural gas prices climbed above $2.80/MMBtu, their highest level since July 24. Hotter short-term outlooks, including Houston averaging 100°F from Aug. 20-23, drove the move by boosting cooling demand and power-sector gas burn. Abundant Lower 48 production near 111.5 Bcf/d and storage surpluses capped further gains.
Read → Natgas futures crack $2.80 on hotter forecasts and production pullbackJodi Shafto · Natural Gas Intelligence
September futures surged past $2.80/MMBtu early Wednesday. Hotter overnight weather trends and a modest production decline strengthened the near-term setup ahead of the EIA storage report. Traders focused on resilient mid-August cooling demand.
Read → NYMEX natgas settles up 1.37% at $2.8140, highest since July 24Dow Jones / Morningstar
Front-month NYMEX natural gas for September delivery rose 3.80 cents, or 1.37%, to settle at $2.8140/MMBtu. The contract posted its largest two-day gain since Aug. 10 and its highest settlement since July 24. Gains came amid hotter weather outlooks despite record production levels.
Read → Global Nat Gas & LNG
What's moving · TTF at €63.4/MWh on low EU storage at 57% and summer heat boosting power demand.
TTF surges 120% in 2026 on depleted storage and heat-driven demand.Piero Cingari · Euronews
Dutch TTF futures reached about €63.7/MWh on August 18, up roughly 120% since the start of 2026. EU storage stood at just 57.1% full on August 1, the lowest for that date in the historical series. Record summer heat is raising electricity demand while curbing hydro and nuclear output, forcing more gas-fired generation and slowing storage injections ahead of winter.
Read → Natural gas prices twice year-ago levels amid Iran war limbo.Eamon Farhat · Bloomberg
European households face higher energy bills as natural gas prices sit at twice year-ago levels with the Iran conflict unresolved. The newsletter highlights ongoing supply risks from the Middle East situation keeping pressure on European benchmarks like TTF.
Read → US Nat Gas
What's moving · Texas heat wave lifts US natural gas futures as power demand surges in South.
Texas heat lifts US natural gas futures on power demand surge.Bloomberg
Intense, prolonged heat in Texas drove higher air-conditioning use and electricity demand, pressuring gas-fired power plants. US natural gas futures rose on the increased power-sector burn. The move came amid record Lower-48 production that capped broader price gains.
Read → US natural gas futures rise on hotter near-term weather outlook.Anthony Harrup · Wall Street Journal
Weather models added heat to the near-term forecast, supporting prices while LNG feedgas flows recovered. Futures settled up 3.2% at $2.776 per mmBtu. High production and storage overhang kept the market range-bound despite the demand lift.
Read → Permian gas floods market as new pipelines add supply.Wall Street Journal
New pipelines from the Permian Basin increased flows to Henry Hub, keeping benchmark prices low despite summer heat. Spot prices at Henry Hub hovered near $2.68 per mmBtu. Waha hub prices rose from negative levels to about $2 as more gas egress opened.
Read → Global Nat Gas & LNG
What's moving · TTF rises to €62.6/MWh as EU storage hits 61% but lags norms amid steady Norwegian flows.
EU storage reaches 60.8% full, below seasonal norms.S&P Global
EU gas storage stood at 60.8% of capacity as of Aug. 15 per GIE data. The level trails five-year seasonal norms by roughly 9-21 percentage points. Slower refill raises winter supply risks and supports higher TTF prices ahead of peak demand.
Read → Platts releases Aug. 18 preliminary gas prices.S&P Global
S&P Global Platts published preliminary daily assessments for natural gas benchmarks including JKM and TTF for Aug. 18 trade date. The update provides market participants with latest spot price signals. JKM traded near $21.89/MMBtu while TTF front-month futures settled around €62.58/MWh.
Read → JKM LNG benchmark climbs 1.25% to $21.89/MMBtu.Trading Economics
Asia's JKM LNG marker advanced 1.25% to $21.89 per MMBtu on Aug. 18. The move widens the JKM-TTF spread and signals firmer Asian demand or tighter spot supply. Higher Asian prices can pull flexible LNG cargoes away from Europe.
Read → TTF Sep futures at €62.58/MWh on Aug. 18.ICE
Dutch TTF front-month futures settled at €62.58/MWh on Aug. 18, up from prior session. Price action reflects ongoing storage injection pace and European supply fundamentals. Norwegian pipeline deliveries remain a key steady source supporting the complex.
Read → US Nat Gas
What's moving · Prices slide on milder weather forecasts and robust production exceeding 111 bcfd.
Natgas futures tumble despite hot forecast as cooler weekend shift weighsJodi Shafto · Natural Gas Intelligence
Natural gas futures fell early Monday as a modest cooler shift in weekend weather data offset another hot 15-day forecast. Traders focused on ample supplies limiting any tightening from late-summer heat. The move highlights how strong production and storage keep pressure on prompt prices despite cooling demand expectations.
Read → Permian Waha prices climb above $2 as new takeaway eases constraintsJosiah Clinedinst · Natural Gas Intelligence
Permian Basin Waha prices averaged just over $2/MMBtu so far in August after rising from $1.64 in July thanks to new pipeline projects adding takeaway. The expansion connects more supply to demand including Gulf Coast LNG. Quality constraints could emerge next as volumes grow.
Read → Prince Rupert pipeline contract awarded for Ksi Lisims LNG feedgasJacob Dick · Natural Gas Intelligence
The Prince Rupert Gas Transmission project awarded its first onshore construction contract advancing the feedgas pipeline for the proposed Ksi Lisims LNG terminal in British Columbia. This step supports potential new Canadian LNG export capacity. US producers watch for any cross-border flow impacts.
Read → Western Midstream joins Solitude JV for Permian-to-Katy gas pipelinesWestern Midstream Partners
Western Midstream took a 7.5% stake in the Solitude Pipeline System JV that reached FID for two 48-inch lines from Permian Basin to Katy Texas. Initial capacity of 2.25 Bcf/d starts late 2029 with expansion potential supporting LNG exports and Gulf Coast demand. The move provides WES firm capacity for Delaware Basin residue takeaway.
Read → Global Nat Gas & LNG
What's moving · TTF rises to €62/MWh as EU storage at 61% lags norms amid persistent Hormuz LNG disruptions.
LNG tankers conduct ship-to-ship transfers outside Hormuz amid tensions.Bloomberg
Satellite imagery shows two LNG tankers, including LNG Enugu, conducting a ship-to-ship transfer near Sohar on the Gulf of Oman. Suppliers use the maneuver to move cargoes from inside the Persian Gulf despite ongoing tensions. The activity highlights efforts to sustain LNG flows to Europe and Asia despite disruptions at the key chokepoint.
Read → EU gas storage at 60.8% below averages, lifting TTF to €62.26/MWh.AzerNews
EU storage sits at 60.8% of capacity, below seasonal norms. Dutch TTF prices reach €62.26/MWh on LNG supply disruptions from Hormuz shipping constraints and US-Iran uncertainty. Low inventories risk sharper winter price spikes without accelerated injections.
Read → US Nat Gas
What's moving · US natural gas prices fall near 3% to $2.65/MMBtu on record production and 36 Bcf storage build.
EIA 36 Bcf storage build weighs on natgas futures.Andrew Baker · Natural Gas Intelligence
The EIA reported a 36 Bcf net injection into US natural gas storage for the week ended August 7, exceeding many market estimates. This larger-than-expected build reinforced bearish sentiment, pushing September NYMEX futures lower through midday Thursday. Ample inventories amid strong supply keep pressure on prices despite summer demand.
Read → DeLa Express drops FERC Permian pipeline plan.Chris Newman · Natural Gas Intelligence
DeLa Express withdrew its proposed 2 Bcf/d Permian Basin natural gas pipeline from federal FERC review. The project is now recast as a Texas-only intrastate system aimed at 2030 startup. This shift targets Permian residue gas takeaway within Texas without interstate jurisdiction.
Read → Natgas falls 3% near three-month lows on supply.Trading Economics
US natural gas prices dropped around 3% to $2.65 per MMBtu, near three-month lows. Record Lower 48 production averaging 111.3 bcfd and a 36 Bcf storage injection above expectations added to downward pressure. LNG feedgas flows also eased slightly this month, increasing domestic supply availability.
Read → Global Nat Gas & LNG
What's moving · TTF rises to €62/MWh on Monday as Hormuz LNG disruptions and low EU storage tighten supply.
European gas climbs above €62/MWh amid Hormuz LNG disruptions.Trading Economics
European natural gas prices climbed above €62 per MWh on Monday, hitting a fresh three-week high. Continued disruption to LNG supplies from the Gulf stems from stalled US-Iran negotiations and renewed strikes, with traffic through the Strait of Hormuz falling sharply. Storage levels remain below historical averages and lag pre-winter targets, while heatwaves boost gas-fired power demand and divert supplies from storage.
Read → EU gas storage at 57% full lags seasonal norms significantly.Global Energy Flow
EU gas storage sits at about 57.15% of working capacity as of early August, running 11-12 percentage points below the 5-year seasonal norm. Injections have been slightly ahead of the pace needed for the relaxed 80% November 1 target but remain well below historical levels due to a low starting point after winter. This underfill heightens winter supply risks for Europe.
Read → US Nat Gas
What's moving · EIA 36 Bcf storage injection and strong production send US natural gas futures lower.
EIA reports 36 Bcf storage injection above many estimates.Jodi Shafto · Natural Gas Intelligence
The EIA reported a 36 Bcf net injection for the week ended Aug. 7, matching NGI’s forecast but exceeding many market estimates and the five-year average. Working gas in storage reached 3,153 Bcf, 198 Bcf above the five-year average. The larger-than-expected build reinforced bearish pressure on futures amid robust supply.
Read → Natural gas futures slide after EIA storage data.Kevin Dobbs · Natural Gas Intelligence
Futures floundered after the EIA’s 36 Bcf injection print proved bearish relative to historical norms and expectations. Strong production and ample inventories outweighed hot weather support for power demand. The report extended the storage surplus despite ongoing summer cooling needs.
Read → Golden Pass LNG cuts average 36% of nominations.Chris Newman · Natural Gas Intelligence
Golden Pass LNG has walked back an average 36% of first-cycle nominations since July 30 during commissioning. Intraday cuts reached as high as 43%. Unreliable early demand signals from the Southeast Texas terminal complicate feedgas forecasts for the broader US natural gas market.
Read → DeLa Express recast as Texas-only intrastate pipeline.Sandy Segrist · Hart Energy
Moss Lake Partners withdrew the proposed interstate DeLa Express pipeline from FERC review and will reconfigure it as a Texas intrastate system targeting 2030 startup. The move follows shipper feedback and a crowded Permian takeaway landscape. It reduces planned long-haul capacity from the basin to Gulf Coast markets.
Read → Global Nat Gas & LNG
What's moving · TTF holds near EUR 60/MWh as EU storage lags at 59% full with slow injections amid tight LNG supply.
Bangladesh approves 117 US LNG cargoes from Gunvor to 2038.Reuters
Bangladesh government approved a long-term deal for 117 LNG cargoes from US-based Gunvor (2026-2038), with early deliveries priced at JKM plus a small premium, plus eight spot cargoes from other suppliers. The move diversifies supply away from disrupted Qatari flows due to Middle East conflict. It signals sustained Asian demand pull on JKM-linked pricing and potential competition for flexible Atlantic cargoes.
Read → European gas faces supply pressures; US cargoes may help.Wall Street Journal
TTF September contract trades just shy of EUR 60/MWh and is headed for a weekly gain of 6% amid geopolitical tensions, infrastructure issues and storage levels lagging last year at around 59% full. Europe may attract more US LNG cargoes from October plus diverted shipments, potentially easing some near-term supply concerns. The backwardated curve and tight LNG availability continue to pressure refill economics.
Read → July Panama Canal LNG transits near three-year high.S&P Global
Laden LNG transits through the Panama Canal rose to 11 in July from six in June, the highest in nearly three years, driven by sustained Asian netback premiums attracting cargoes. Traders are routing more volumes eastward rather than around the Cape. This supports JKM relative strength versus TTF and highlights ongoing arb opportunities between basins.
Read → European gas storage rebuild struggles amid tight LNG.European Gas Hub
EU storage sits near 59% full with injections lagging historical averages due to tight LNG availability and a backwardated TTF curve that reduces incentive to inject. Northwest Europe faces particular pressure on refill pace ahead of winter. The shortfall raises the call for higher LNG imports to meet targets and supports firmer TTF pricing.
Read → US Nat Gas
What's moving · EIA cuts Henry Hub 3Q price forecast 50 cents to $2.87/MMBtu on record storage build and LNG maintenance.
EIA cuts 3Q Henry Hub forecast 50 cents amid record storageChris Newman · Natural Gas Intelligence
EIA lowered its 3Q26 Henry Hub spot price forecast by 50 cents to $2.87/MMBtu. Record production and Freeport LNG maintenance are building the largest storage cushion heading into winter in a decade, with inventories seen at 3,985 Bcf by end-October. Lower prices expected to hold below $3 until November.
Read → EIA sees 2026 US gas production at record 122.5 Bcf/dPaul Ciampoli · American Public Power Association
EIA forecasts Lower 48 marketed production averaging 122.5 Bcf/d in 2026, up from 118.5 Bcf/d in 2025. Permian output rises to 29.2 Bcf/d and Haynesville to a 9% gain, driven by associated gas and Henry Hub prices. Henry Hub spot price expected to average $3.44/MMBtu for the year.
Read → Power burn rises but LNG demand lags, futures easeAndrew Baker · Natural Gas Intelligence
August power burn exceeded every week of July despite record heat. LNG feedgas flows remain uneven amid maintenance, muting the impact of strong cooling demand. September NYMEX futures slipped modestly to around $2.75/MMBtu.
Read → Cheniere marks decade of US LNG exportsCheniere Energy
Cheniere published its 2025 report celebrating 10 years since the first US Lower 48 LNG cargo. The milestone underscores sustained export growth from Gulf Coast facilities amid global demand.
Read → Global Nat Gas & LNG
What's moving · TTF near €60/MWh on heat-driven demand and LNG supply tightness amid Norway issues; JKM at $21.24/MMBtu up 0.26%.
TTF strength lifts SW Europe spot LNG to $20.30/MMBtuYousra Samaha · Energy Intelligence
Spot LNG prices in southwest Europe rose $1.15 week-on-week to $20.30/MMBtu as TTF bulls supported values. Northeast Asia JKM held steady near $21/MMBtu. The move highlights how European hub strength is anchoring Atlantic basin LNG pricing.
Read → Heatwaves drive TTF toward Iran conflict peaksFinancial Times
Heatwaves, Norwegian supply disruptions and tighter LNG availability pushed benchmark TTF above €62/MWh near July peaks. Argus noted even small balance shifts have outsized price effects in the current environment. The rally underscores power-sector sensitivity to weather and import constraints.
Read → TTF drops on US-Iran diplomacy hopesMontel News
Front-month TTF fell more than €3/MWh to around €56.81 as hopes rose for US-Iran de-escalation. The drop occurred despite a fresh attack on an LNG tanker. Diplomacy signals eased immediate supply-risk premiums.
Read → Egypt attack diverts three LNG cargoes to EuropeElise Wu · Montel News
Kpler data showed three US-loaded LNG cargoes originally bound for Egypt's damaged Damietta terminal diverted to France and Spain. The shift adds immediate supply into northwest Europe. It demonstrates how regional disruptions redirect Atlantic cargoes toward TTF-linked markets.
Read → US Nat Gas
What's moving · Natural gas futures hold near $2.79 as summer heat supports power demand while LNG feedgas recovers and storage builds remain elevated.
Natgas futures hold gains on hotter weather outlookAnthony Harrup · Wall Street Journal
NYMEX natural gas futures held near $2.794/MMBtu after Monday's advance driven by a hotter near-term weather forecast. Stronger expected consumption and recovering LNG feedgas demand offset rising domestic production. Lingering southern heat should support power-sector burn into August.
Read → Venture Global misses Q2 estimates on LNG pricesPooja Menon · Reuters
Venture Global reported Q2 revenue of $4.58 billion, missing expectations, with adjusted core profit also slightly below estimates. Stronger volumes from Plaquemines were offset by lower prices at Calcasieu Pass and higher costs. The company raised its full-year 2026 core profit guidance for the second straight quarter.
Read → $5B Western Gateway pipeline reaches FIDReuters
Phillips 66, Kinder Morgan and HF Sinclair finalized a joint venture and made final investment decision on the $5 billion Western Gateway refined products pipeline system. The project will move Midwest and Gulf Coast supplies to Arizona and California markets with a 2029 target in-service. It strengthens long-term fuel supply reliability and flexibility in the West.
Read → Venture Global posts strong Q2 LNG export growthVenture Global
Venture Global exported 127 LNG cargos and sold 466.4 TBtu in Q2 2026, up 42% year-over-year, with revenue rising 48% to $4.6 billion. Plaquemines commissioning progress drove higher volumes while the company raised 2026 Adjusted EBITDA guidance to $8.7, 9.1 billion. It also executed new offtake agreements and refinanced debt for cost savings.
Read → Global Nat Gas & LNG
What's moving · TTF rises on low EU storage at 57% full amid LNG supply constraints from Middle East tensions.
Uniper CEO: Germany can still hit 70% gas storage target.Bloomberg
Uniper CEO Michael Lewis stated Germany can still reach its 70% gas storage target by November, though market prices must incentivize filling. This comes as EU storage sits around 57% full, below seasonal norms, pressuring TTF prices higher amid ongoing refill needs. The comments highlight storage as a key driver for European gas benchmarks.
Read → TTF upside strengthens amid bleak EU gas storage outlook.Jamison Cocklin · Natural Gas Intelligence
EU natural gas inventories lag historical levels near summer's end due to persistent supply disruptions from the Iran conflict. TTF prices gain support from the weak storage position, which sits well below averages and raises winter supply risks. The outlook points to tighter European gas fundamentals boosting the benchmark.
Read → Gazprom supply surges 35% as Europe’s gas crisis deepens.Anas Alhajji · Substack / Anas Alhajji Energy Outlook
Gazprom's TurkStream flows to Europe rebounded 35% month-on-month to 45.7 mcm/d as EU storage hit 56.9% full, the lowest late-July level since 2021. Persistent Middle East tensions block Qatari LNG, cutting imports and lifting TTF 19%. Russian pipeline gas remains critical for Europe despite phase-out plans, buffering low stocks.
Read → US Nat Gas
What's moving · LNG feedgas flows hit one-month high of 17.9 bcfd, lifting Henry Hub futures over 4% Monday amid hotter weather forecasts.
Short squeeze and weather shift send natgas futures soaring.Chris Newman · Natural Gas Intelligence
Record natural gas short positioning met the summer's biggest weekend jump in forecast demand Monday, igniting a double-digit rally in futures after five straight weekly losses. September contract broke above a monthlong technical barrier, putting $3.00/MMBtu in view. Hotter weather outlooks and rising power-sector demand drove the rebound.
Read → US natgas surges on hotter outlooks and short-covering.Julian Hast · Bloomberg
US natural gas futures rose by the most in more than two months as an unusually large swing in weather forecasts triggered short-covering by money managers. Speculators had built the most bearish net short positions since 2020. The move lifted prices to a two-week high.
Read → US natgas prices climb 4% as LNG flows hit one-month high.Reuters via Boereport
US natural gas futures climbed about 4% to a one-week high on Monday. Daily flows to LNG export plants rose to a one-month high. Speculators boosted net short positions to the highest since February 2024 per CFTC data, setting up the rally.
Read → Global Nat Gas & LNG
What's moving · TTF rises over 5% to €58-61/MWh on persistent Hormuz uncertainty limiting Qatar LNG flows amid low EU storage.
TTF jumps on murky Hormuz reopening talks.Bloomberg
Benchmark Dutch TTF futures rose more than 10% on Monday as talks between Iran and Oman failed to assure traders of quick LNG flow resumption from the Persian Gulf. Renewed tensions keep 20% of global LNG supply at risk, supporting European prices ahead of winter refill needs. JKM holds steady near $21/MMBtu as Asian spot demand provides limited offset.
Read → TTF climbs 5%+ on Hormuz shipping worries.Giulia Petroni · Wall Street Journal
Dutch TTF contract rose 5.7% to 58.80 euros per megawatt-hour in afternoon trading on uncertainties over Strait of Hormuz reopening. Disruptions from the Iran conflict continue to choke LNG exports from Qatar and the Gulf, tightening northwest Europe supply. Low storage levels amplify the price support as injection season continues.
Read → US Nat Gas
What's moving · US natural gas futures rise over 3% to $2.75/MMBtu on stronger LNG feedgas flows and power demand.
Natgas futures recover on rising LNG feedgas and power demand.Jodi Shafto · Natural Gas Intelligence
Natural gas futures recovered Friday after a storage-driven decline. Stronger LNG feedgas flows and elevated power-sector demand provided support, even as cooler weather forecasts and ample inventories limited upside. The move highlights LNG export pull and summer power burn as key near-term drivers.
Read → US natgas prices climb 3.4% to $2.75/MMBtu.Trading Economics
US natural gas prices rose to 2.75 USD/MMBtu, up 3.40% on the day. Recent EIA data showed a 33 Bcf storage injection for the week ended July 31, above the 23 Bcf five-year average, with production near record highs around 110.6 Bcf/d. LNG feedgas flows averaged 16.9 Bcf/d so far in August, down from July, though weather-driven power demand offers support.
Read → EIA reports 33 Bcf storage injection for week ended July 31.EIA
Working gas in storage reached 3,117 Bcf after a 33 Bcf net injection. This exceeded the five-year average of 23 Bcf and last year’s 13 Bcf. Inventories stand 6.7% above the five-year seasonal average, underscoring robust supply amid high production.
Read → Global Nat Gas & LNG
What's moving · TTF surges 2% to €56.7/MWh on low EU storage at 57% (18-year low) and Hormuz uncertainty.
EU storage at 57.1% lowest since 2009Elena Mazneva · Bloomberg
EU gas storage hit 57.1% full at the start of August, the lowest for the date in records back to 2009. Middle East conflict raised prices and stalled injections, leaving a thin buffer ahead of winter. High costs made storage uneconomical, complicating efforts to meet the relaxed 80% target.
Read →