NYMEX natural gas futures settled at $3.22 per MMBtu, up 6.1% week-on-week. EIA data showed US natural gas storage totaled 3.5 trillion cubic feet as of Oct. 2, up 85 billion cubic feet week-on-week but down 130 billion cubic feet year-on-year and 68 billion cubic feet above the five-year average. Despite a weekly build, slow European storage progress and expectations of seasonal demand supported prices. The European energy supply structure remains fragile, with geopolitical tensions and seasonal demand fluctuations potentially causing sharp price swings.
Source: BOC International / China Energy News
