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Natural Gas is on a Hot Trail – Prices Spike to New‑Highs
Today’s energy market feels like a roller‑coaster: European futures shot up to EUR 44.77 MWh at roughly 12 p.m. GMT – the biggest climb since Aug 22. In the UK, UK gas futures surged to £115,010 / MMBtu, the highest since mid‑June.
Across the ocean, US Henry Hub is hovering near the $2.60 / MMBtu mark after a string of losses that began last week.
Why the Heat Is On?
Winter is creeping up, and markets are sweating over supply. Here’s the rundown of the latest sour cream‑like developments making the market feel thicker:
- Norway’s Skarv Field maintenance stretched until Oct 8 – more downtime means less gas flowing north.
- US Sabine Pass LNG plant went on chill mode, dropping the LNG exports.
- The Black Sea is a frosty battlefield – any pipeline sabotage or Russian export bans could raise gas prices.
- Russia’s gas and diesel export ban has people whispering about a similar move for natural gas.
- A chevron strike in Australian gas plants finally called it quits, easing tension.
- Mid‑west US & Canada temperatures are forecast to stay above average – cold‑weather demand might stay muted a bit longer.
- EU storage levels are hog‑full, sitting at 94 % capacity thanks to a warm past winter.
Market Mood
Investors are watching the weather radar like a kid watches a snow globe. If a cold snap arrives sooner than expected, the surge could take another hit. Meanwhile, any political wrangle in the Black Sea might brew a hotter, higher‑priced storm.
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