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Barchart
Barchart
Rich Asplund

Nat-Gas Prices Climb on Carryover Support from European Nat-Gas

August Nymex natural gas (NGQ26) on Tuesday closed up +0.020 (+0.62%).

Nat-gas prices pushed higher on Tuesday amid carryover support from a rally in European nat-gas prices to a 3-week high after a Qatari LNG gas carrier was attacked in the Strait of Hormuz. If European countries are unable to secure LNG supplies due to attacks on shipping in the Persian Gulf, they may seek additional US supplies, lowering US storage levels. Europe’s restocking season is underway, but its storage facilities are only about 50% full, well below the 65% seasonal average.

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