• The EIA announced on the week ending July 19th that 22 Bcf was injected into storage, 9 less than the five-year average and 11 more than the market anticipated.
  • The EIA also announced on July 23rd that European natural gas consumption was down this year by 18% from the five-year average, due to a warm winter and government policies. Both the warmer weather and government policies have helped maintain healthy natural gas storage levels, which dampened European LNG prices and in turn, reduced New England wholesale basis.
  • Hot weather is expected to return for August 1-7; with that, the supply-demand balance may level out and place upward pressure on prices.