U.S. Natural Gas Settles at $2.918 as Iran Risk and Qatar LNG Damage Lift Europe

2 articles · Updated · FX Empire · Jul 19

$2.918 August Nymex gas settled up 1.85%, with the gain driven by Europe’s rally rather than tighter U.S. fundamentals.
17% of Qatar’s LNG export capacity is offline at Ras Laffan after earlier attacks, while the U.S.-Iran conflict has raised fears of Strait of Hormuz disruptions and pushed European buyers toward U.S. cargoes.
18.1 Bcf per day of LNG feedgas flows and stronger export demand have kept Nymex from rolling over, but the contract still posted an inside day after last week’s sharp selloff, signaling indecision.
41 Bcf was added to U.S. storage in the latest week, leaving inventories 6.4% above the five-year average, as Lower-48 output ran at 112.6 Bcf per day and cooler forecasts capped domestic demand.
$2.974 is the key level traders are watching for a more durable rebound; without export-led support, prices risk slipping back toward $2.857 and $2.801.

Sources

With U.S. gas production booming, will global conflicts permanently end cheap domestic energy for Americans?

As Europe ditches Russian gas for American LNG, is it simply trading one dependency for another?

How is the Middle East conflict permanently redrawing global energy maps and creating new power brokers?

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