- EIA data show US natural gas stocks rose to 3,644 Bcf for the week ended October 16, up 77 Bcf from 3,567 Bcf and below the 80 Bcf consensus.
- Natural gas futures rose 0.38% to $2.80/MMBtu in the same report.
- European benchmark gas rose to nearly 90 euros per megawatt-hour, or $29.50/MMBtu, as Middle East escalation raised concerns about winter supply amid historically low inventories.
- Victoria state approved the production license for a A$1 billion ($700 million) natural gas project by GB Energy Pty Ltd., with production starting in 2028 and storage online a year later.
- The Golden Beach project is expected to boost Victoria's gas storage capacity by around 70%, according to the state government.
Quotes
“Stocks for the week ended October 16 were 3,644 Bcf vs. 3,567 Bcf for the week ended October 09.”
“to help avoid a forecast gas shortage”
“raised concerns about European winter gas supply amid historically low inventories at the start of the heating season”