European Natural Gas Eases Toward 15-Month Low

European natural gas prices fell to €31.6 per MWh mark on Wednesday, testing the 15-month low of €30.3 touched on August 15th amid a backdrop of ample supply. The latest data showed that gas storage in the EU is over 77% full, maintaining the pace for the bloc's objective of hitting 80% by the start of November, when colder temperatures increase demand for gas-intensive heating. The comfortable availability matched surveys that indicated that liquified natural gas imports were over 50% higher since the start of the year, consolidating Europe's security of sources after halts of gas flows from Russia. Concurrently, exports of LNG from the United States rose to an all-time high in August as key plants finished maintenance programs. In the meantime, reports indicated that EU members considered imposing new rules to guarantee the complete ban of Russian natural gas into the bloc's energy market by the end of 2027, preventing workarounds from states that had opposed the shun.