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The Astora natural gas depot, which is the largest natural gas storage in Western Europe, is pictured in Rehden, Germany, March 16, 2022. Astora is part of the Gazprom Germania Group. US natural gas futures rose for a second straight session on Wednesday, tracking gains in crude oil, and moving further away from a 12-week low touched earlier in the week. Front-month gas futures for November delivery rose 9.3 cents, or 1.4%, to settle at $6.930 per million British thermal units (mmBtu). Outside influences like higher oil prices were supporting natgas, after driving a bounce in the previous session in a risk-on environment, said Phil Flynn, analyst at Price Futures Group. Oil prices rose on Wednesday to three-week highs, as OPEC+ agreed to its deepest cuts to production since the 2020 COVID pandemic, despite a tight market and opposition from the United States and others. Gas was trading around $47 per mmBtu in Europe and $38 in Asia. "Next month the exports are going to be huge and probably will be breaking records once we start to see LNG export terminals come out of maintenance and we get Freeport back online," Flynn said, adding that the market will also […]
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