The U.S. Energy Information Administration (EIA) said U.S. utilities added 16 billion cubic feet (bcf) of gas into storage during the week ended July 2.
A cold snap in Europe and Asia in January and in North America last month increased heating demand, prompting prices to jump in several markets, while inventories fell.
You need to replenish stocks because of the cold northern hemisphere winter in both Asia and in Europe. So, we think this is going to add to tonne miles.
Front-month gas futures rose 2.8 cents, or 1.0%, to $2.867 per million British thermal units.3
Refinitiv projected average gas demand, including exports, would drop from 112.2 bcfd this week to 105.0 bcfd next week as the weather turns seasonally milder.