European Natural Gas Futures Edge Down
European natural gas futures fell to €36 per megawatt-hour, though still above last week’s two-month low of €33, as traders weighed forecasts for colder weather in early October against increased wind generation and rising Norwegian supply.
Colder temperatures are expected to drive demand higher, while Norwegian exports are set to increase as the Karstoe gas processing plant resumes operations following maintenance. Wind power generation is also forecast to rise this week, adding downward pressure on prices. Additionally, the pace of storage injections has slowed to a multi-year seasonal low, driven by weaker liquefied natural gas (LNG) imports, as US LNG cargoes continue to favor Asia due to more favorable arbitrage opportunities. Despite this, European gas storage remains near 94% of capacity.
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