• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 42 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 11 days What fool thought this was a good idea...
  • 1 day Bad news for e-cars keeps coming
  • 9 days A question...
  • 14 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 14 days They pay YOU to TAKE Natural Gas
The War for Profitability Within the Wind Industry

The War for Profitability Within the Wind Industry

Major wind energy companies are…

Global Oil Market on Edge Ahead of OPEC+ Meeting

Global Oil Market on Edge Ahead of OPEC+ Meeting

The global oil market awaits…

Low Natural Gas Demand Helps Europe Boost Inventories

European demand for natural gas remained near the bottom of the five-year seasonal levels in August, helping inventories end the month at around 93% full, data from the Joint Organizations Data Initiative (JODI) showed on Monday.

Europe’s gas demand, measured in consumption in the EU and the UK, has trended lower for most of the past year amid energy savings measures, high prices last year, and demand destruction from slowing industrial activity.

In August, the latest available data in JODI, natural gas demand in the EU and the UK rose slightly but remained at the bottom of the five-year seasonal range.

Global gas demand gains were driven by the United States, Canada, India, and Qatar, according to the JODI oil and gas data highlights published today.

At the same time, global gas inventories increased seasonally by 11.5 bcm month-on-month and remained near the top of the five-year range, the data showed.

Ahead of the 2023/2024 winter, gas storage sites in the EU were 98% full as of October 14, according to data from Gas Infrastructure Europe. Europe hit its target to have storage 90% full by November 1 months in advance.

Despite the high storage levels, concerns about supply sent Europe’s benchmark natural gas prices soaring last week.

A suspected sabotage on a Finland-Estonia offshore gas pipeline, fears of low gas supply from the Eastern Mediterranean due to the Hamas-Israel war, and the renewed threat of strikes at Chevron’s two LNG export terminals in Australia, Gorgon and Wheatstone, which account for around 7% of global LNG supply, rattled the market last week.

ADVERTISEMENT

This week, the front-month Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, started Monday trade down by 6.6% as of 11:37 a.m. GMT, amid strong flows of LNG cargoes to Europe and high inventories at storage sites.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on October 16 2023 said:
    As with oil so too natural gas truly awesome amounts of supply with highly localized amounts of demand for said fuels...all of which is being met. In the case of natural gas prices still remain dirt cheap even if shipping costs be included. Still waiting on the launch of Starship tho.

    Long $tsla Tesla strong buy.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News