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OIL A N D GAS

Natural gas hitsNAVIGATING

highest level
THEsince 2008, on pace for
MARKETS
best month ever as Russiawithcuts
the supply
WORLD’S
U P DAT E DTOP
P U B L I S H E D T U E , J U L 2 6 2 0 2 2 • 9 : 1 4 A M E DT T U E , J U LINVESTORS
2 6 2 0 2 2 • 6 : 4 9 P M E DT

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The Nord Stream 1 pipeline, through which Russian natural gas has been flowing to Germany since 2011, will be shut down for
around 10 days for scheduled maintenance work.NAVIGATING THE MARKETS with the
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Natural gas prices are surging around the world asNOscorching
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temperatures stoke
demand for the fuel, and as Europe’s push to move away from Russian fuel roils global
energy markets.

U.S. natural gas futures surged more than 11% at one point on Tuesday to $9.75 per
million British thermal units (MMBtu), the highest level since July 2008. The contract
drifted lower over the course of the day, ending the dat at $8.99 per MMBtu for a gain
of 3.05%.
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Natural gas is now up roughly 66% for July, the it on track for the best month going
putting
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EU countries reach deal to cut gas consumption by 15% over coming months: WSJ

“Although the magnitude and speed of recent natural gas price gains point to
contributing non-fundamental market dynamics, supportive fundamentals are
nonetheless the primary driver,” EBW Analytics Group wrote in a note to clients.
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“Fundamentally, scorching hot weather is the predominant bullish driver,” the firm
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added. WORLD’S TOP INVESTORS
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The contract for August delivery expires Wednesday, which is heightening volatility
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ahead of the roll. Volume is typically thin ahead of expiration, which means that
individual trades can lead to outsized market moves.

Natural gas futures jump +

9.75

9.5
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David Givens, head of natural gas and power services for North America at Argus
Media, added that production growth this year has been “pitifully small.”

“There are significant pipeline constraints that are creating price disparities in the
physical markets that we have not seen before,” he noted.

In Europe, Dutch TTF natural gas futures jumped 19.8% to 211.70 euros per megawatt
hour, the highest level since March. The move follows a 10% gain on Monday after
Gazprom said it would further reduce flows through the vital Nord Stream 1 pipeline.

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Beginning Wednesday, the pipeline will operate at just 20% of its capacity. Gazprom
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has said the cuts are related to turbine WORLD’S
maintenance.
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“This is not the end of Russia’s weaponization of natural gas flows, in our view, and
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there remain few near-term alternatives for even current reduced flows to the
[European Union] — lending [to] ongoing upside price risks,” RBC wrote last week in a
note to clients.

Natural gas on track for best month on record +

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EU countries on Tuesday reached a deal to voluntarily reduce gas consumption by 15%

starting next month. In an emergency, the suggested cuts would become mandatory.

“The purpose of the gas demand reduction is to make savings ahead of winter in order
to prepare for possible disruptions of gas supplies from Russia that is continuously using
energy supplies as a weapon,” the bloc said in a statement.

U.K. natural gas futures added 17.3% on Tuesday.

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